Hi - for those who follow this sort of thing, there are some small companies out there that are now in quite an interesting spot with the IRS. They used tax advisors to setup some medical and retirement related structures / tax shelters which they believed were entirely legal - and - they had an IRS document that they "thought" made it all work.
As it turned out, the shelters were "considerably flawed", and they did the paperwork incorrectly. (maybe on purpose - who knows). In any event, congress was frustrated by these kinds of shelters, and directed the IRS to go after them with full force - with $ 100,000 per "error". 12 employees - 12 errors - it adds up fast.
If the firms had been set up and really operated as "C" corps. the liability would not extend outside of the firm, no matter how bad things went. Most of them were set up as LLC and S corps - so guess what - the liability extends back to the personal propery of the owners.
Another reason to consider a " C " corp. structure and operation.
__________________
Supporting RanaTeckk.com and their Dashboard for MS Project promo code WRLNT-2 |