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Article Date:
April 2011


Word Count:
362

 

 

Is Your Corporate Veil in Place?


If the IRS shows up to audit your S or C corporation, will the corporation stand as a separate taxable entity?

 

If your corporation fails as a separate entity, you have a big tax mess on your hands.

 

How This Corporation Failed

 

Hal Hollingsworth formed a C corporation in Florida. However, Mr. Hollingsworth destroyed his separate taxable entity because the corporation1

 

1.

was administratively dissolved by the State of Florida for failing to file an annual report,

2.

failed to obtain a taxpayer identification number,

3.

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