P
pfcs2
Guest
In case of a possible IRS audit on my spouses' business - located in Tennessee (we are currently not expecting one - no problems right now - this is to prepare us in case of one) - Should we put all our personal assets in my name to protect them from being used for $$ to pay any penalties/interest etc. if an audit was conducted and his business was found to owe $$ to the IRS for whatever reason. We file jointly.................as far as the business goes - my husband is the sole proprietor (signs all 1099's - all business related insurance is in his name etc.). My name is on the business checking acct. for emergencies only - I probably sign 1 - 2 checks each month when he isn't available......my name has only been on this acct. for less than 1 year. This is the only thing my name is on in relation to the business. I am currently not employed by anyone and do nothing to run the business. We are just trying to avoid a possible situation (lose the house type thing) in case of potential problems. I would rather make changes now to secure things so that we wouldn't be sued for our home etc. to pay any penalties/interest in case of an audit. Any advice would be appreciated - thank you........