Quote:
Originally Posted by Kevin Donahue  What is the name of your state? Florida
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My business went bankrupt owing the IRS about 12K in penalties and interest (all the money owed for the 941's were paid). I'd like to open a new business but on the application it asked if I've ever applied for a EIN before and they want the old EIN number. If I give them that can the IRS go after my new business to pay for the old one? |
Ok...based on that. I have to assume that your prior business was a C-corp, or an LLC electing to be treated as a C-corp. If your trust fund taxes were paid, then only a C-corp would have actual income taxes due....all other business entities would have income taxes passed through to the shareholders, or members. If your prior business entity was one of those where the income passes through, you would still be on the hook for the taxes due as an individual.
In that case, it would not be possible for you to answer "yes" to that question. A business entity such as a C-corp, S-corp, LLC etc is a specific identity. You can only answer yes to that question if you were a prior sole proprietor or single member LLC, and were starting up a new business as a sole proprietor or single member LLC.
You need a face to face consult with a local tax professional who is experienced in small business. However, I expect that the answer to your question is no.
08-27-2007, 01:14 PM
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