I owe IRS money, I heard that if I had a corporate bank account the IRS can't take the money. Is this true? Let me know

Hello again, Jo:

I already answered your question... But, I also told you that if you wanted MORE help, that you would have to answer a few questions of ours first...

I guess you don't want to do that... Okee, doakee.

If you'd like to tell me the CIRCUMSTANCES, I'd be happy to help.

But I AIN'T going to GUESS.

excon

Without more info this is like guessing what's on the second shelf of your refrigerator.

I am guessing cottage cheese. Am I right?

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Originally Posted by excon

Hello again, Jo:

I already answered your question.... But, I also told you that if you wanted MORE help, that you would have to answer a few questions of ours first....

I guess you don't wanna do that... Okee, doakee.

If you'd like to tell me the CIRCUMSTANCES, I'd be happy to help.

But I AIN'T gonna GUESS.

excon

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My brother owes the IRS lots of money. He us going to receive a large sum of money and he said he was going to put it in a corporate account and the IRS can't levy this type of account. Is this true? It is way over $100,000

Thank you,

Jo Ann

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Originally Posted by JoAnn2

My brother owes the IRS lots of money. He us going to receive a large sum of money and he said he was going to put it in a corporate account and the IRS can't levy this type of account. Is this true?

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Hello again, JoAnn:

No. It's NOT true.

Even though the corporation doesn't owe the money, the IRS will know that he put the money in the corporate account in order to avoid paying. The IRS will "pierce the corporate veil" and take the money.

Perpetrating this fraud upon the government is a criminal offense, too. Plus, there's a good chance the money will be seized before he even gets it.

excon

Quote:

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Originally Posted by excon

Hello again, JoAnn:

No. It's NOT true.

Even though the corporation doesn't owe the money, the IRS will know that he put the money in the corporate account in order to avoid paying. The IRS will "pierce the corporate veil" and take the money.

Perpetrating this fraud upon the government is a criminal offense, too. Plus, there's a good chance the money will be seized before he even gets it.

excon

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Thank you for this information. Why doesn't the attorney have to report amount of inheritance to the IRS? How does IRS find out?

Hello again, J:

The IRS is a glorified collection agency. They can find your accounts even faster than a regular one can. Besides, when you open a corporate account, you have to provide your SS number.

I don't know if the attorney reports to the IRS or not. There probably IS a final probate tax return due that has to be filed. That's another way for the IRS to know.

excon

All amounts of bank action over cetain levels gets reported to the government.

A corporation that allows personal and business money to mix is at risk, So it can be gotten very easy