Rebooted the TV and remote turns it on but that's all it does. No other functions work and it won't even shut the TV off. Tv is brand new and I've tried everything. Can the ir on the TV go bad.

If you turned on the TV from the remote the IR receiver are working. In the case of wated damage you more than likely have a issue with the circuitry in the TV. Electronics in a powered off state meaning batteries removed or unplugged often will survive water exposure as long a proper drying has been done. Removing covers with forced air ventilation for 24 hours is usually good. Many liquids leave a residue on boards that can conduct electricity and blow devices after power is restores.
Take the device to a manufacture approved repair provider to get an estimate, often repairs are more expensive than replacement water damage is usually not covered by any warranty. Check to see if your home owners or renters insurance will cover part of the repair or replacement.