Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
Please note that Kerry does not personally agree with every item included here; but passes them along for the benefit of the readers' understanding of the varied viewpoints on the issues being discussed.
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Tax Guru-Ker$tetter Letter
Friday, September 09, 2005
The IRS Is Watching Old Business Accounts – If you decide to abandon a corporation and don’t wrap things up properly, you could be looking at some heavy taxes personally. I have seen this quite often with California corporations, where until you officially dissolve it, the $800 per year minimum tax, plus lots of penalties and interest, grow into thousands of dollars very quickly. Just leaving the PRC isn’t good enough protection. The FTB will hunt down the owners wherever they may be and seize bank accounts. I have seen it happen here in the Ozarks.
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 9/09/2005 08:11:00 PM Send this post:
