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I ran an S Corporation (consulting) for 3 years that was…

I ran an S Corporation...
I ran an S Corporation (consulting) for 3 years that was incorporated in California. I live and work in California. I stopped doing business as the S Corp in 2014 and started doing part time work unrelated to that company. I haven't filed tax returns since then. I was very low on cash as I was in between jobs and couldn't pay the $800 annual CA state tax for corporations even though I was billed for it (I haven't heard from the FTB in a while). I started consulting again last year but have been receiving payments paid to me personally as I had closed my corporate account.I have to submit a W9 to my client for 2017 today and am trying to decide whether to:1) Enter my social security number in the W9.
2) Enter the Federal EIN for the old S Corporation.
3) Register a new company as an LLC and apply for a new EIN and dissolve the old corporation.I am still cash-flow challenged so am trying to maximize my tax benefit for 2017 and am worried if I enter my existing EIN vs. my SSN or a new SSN it could cause complications including the CA FTB to try and come back for back taxes. What do you think my best option for the W9 given this circumstance?
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Answered in 23 minutes by:
1/29/2018
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,820
Experience: 30 years of corporate, litigation and international law
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Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

You should enter your social security number. If you enter the old EIN the tax board will be able to pursue any income under that number. Since you did not have a LLC in 2017 trying to back date the W-9 to another year will only create issues. If you want to create a LLC for 2018 you can do so and that will not expose you to liability for the old taxes for the S Corp.

If I have answered all your questions, please highly rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,820
Experience: 30 years of corporate, litigation and international law
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