TaxGuyBill
Level 15
09-17-2022
09:11 AM
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I am assuming this Single Member LLC has not made an election to be taxed as a corporation ...
Is there any payroll or excise taxes? If not, just treat it as a new business, and ignore everything that has to do with the old business. Without payroll or excise tax, there would be no need to use the EIN of the LLC on Schedule C.
It would be treated as an asset purchase.