tmoodyq
Apr 2, 2012, 08:05 AM
Hello,
I started an S corp. over 10 years ago. I'm the only person involved in the business. I was advised to establish it as an S corp. for tax purposes, etc. The only thing I do now is act as an independent rep for a company out of England. I simply receive a comm. My maket is automotive related and has moved to Mexico. I'm nearing retirement and want to disolve the business within two years. My accountant says the value of the company is @$70K. He says I will pay taxes on that money after I disolve it. The problem is, the company has not made enough money in the past several years for me to take a reasonable salary. It does not have more than 10K at any time. If he has valued it at 70 and I have less than 10, what do I do when it is dissolved? The government can and will take my personal property if they so desire! Do you have any advice?
Thank you
I started an S corp. over 10 years ago. I'm the only person involved in the business. I was advised to establish it as an S corp. for tax purposes, etc. The only thing I do now is act as an independent rep for a company out of England. I simply receive a comm. My maket is automotive related and has moved to Mexico. I'm nearing retirement and want to disolve the business within two years. My accountant says the value of the company is @$70K. He says I will pay taxes on that money after I disolve it. The problem is, the company has not made enough money in the past several years for me to take a reasonable salary. It does not have more than 10K at any time. If he has valued it at 70 and I have less than 10, what do I do when it is dissolved? The government can and will take my personal property if they so desire! Do you have any advice?
Thank you