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  1. #1
    pfcs2 Guest

    All assets in wife's name?

    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**************.

  2. #2
    loku Guest
    You are talking about long-range tax and asset planning. That is a thing that should be carefully worked out by a CPA or tax attorney, who can look at your books and your entire situation. There is more to this than you could get over the Internet.

    If your are concened about this, the fee you pay will be well worth it to know it is done correctly.

  3. #3
    pfcs2 Guest
    Thank you loku....I have called and made an appt. with our CPA

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