IRonMaN
Level 15
11-05-2024
08:37 AM
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It can be done, but before you do it, make sure you are doing the correct thing. Were they running the business as an S corp or were they running it like a schedule C? Did they pay themselves wages or did they take draws? Did the IRS ever send a notice looking for a sub S tax return over those years? Have you seen the approved S election?
Slava Ukraini!