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I own a company(OldCo) that had its assets purchased by a new
I own a company(OldCo) that had its assets purchased by a new company(NewCo) that I have a minority stake in. I am the CEO(employee) and Board member of the NewCo. The OldCo was hit with a liability that came up under NewCo. Since OldCo doesn't have any money in it, and all tangible assets are gone, I have to pay this NewCo liability out-of-my-personal- pocket.Here is the big question. Since there is no advantage or benefit involved in this liability payment (or expense) CANT I completely skip a payroll check payment from NewCo to me personally, and apply the funds to a liability of OldCo without paying taxes personally?Doesn't seem like a difficult request since there is no benefit - why should there be tax liability?
how do I go about closing an LLC to open a S Corp due to ...View more tax questions
how do I go about closing an LLC to open a S Corp due to payroll tax problems with the IRS and can I be the CEO of new Corp. My name is XXXXX XXXXX any of the tax information with the llc which owes the payroll taxes. The other member of the LLC name is XXXXX XXXXX the tax information. So can I be the owner of the new SCorp?