Advice needed: Defunct S Corp
Posted: Mon Jun 06, 2011 11:01 pm
Perhaps just a referral to someone in the Austin area. Here's the situation.
I recently started dating (yay!) a woman with a personal-services business, "R." Her best friend "S" is also her housemate and business colleague. Their retail business, an S corporation, failed about two years ago. "R," as I understand it, was not an owner or partner of this S corp (are they always sole proprietorships?); "S" is fully responsible. The business was dissolved with the aid of an accountant. Now "S," who has essentially no money to deal with the issue, has received an IRS letter stating that a form was not timely filed and "S" owes around $5,000 in penalties. The accountant dropped dead of a heart attack about two weeks ago, just before "S" received the letter so even if the accountant is at fault, it may be very difficult to reconstruct the paperwork because his heirs don't necessarily have a handle on his business (the death was unexpected). I guess "S" needs an enrolled agent? Any advice welcome here.
I recently started dating (yay!) a woman with a personal-services business, "R." Her best friend "S" is also her housemate and business colleague. Their retail business, an S corporation, failed about two years ago. "R," as I understand it, was not an owner or partner of this S corp (are they always sole proprietorships?); "S" is fully responsible. The business was dissolved with the aid of an accountant. Now "S," who has essentially no money to deal with the issue, has received an IRS letter stating that a form was not timely filed and "S" owes around $5,000 in penalties. The accountant dropped dead of a heart attack about two weeks ago, just before "S" received the letter so even if the accountant is at fault, it may be very difficult to reconstruct the paperwork because his heirs don't necessarily have a handle on his business (the death was unexpected). I guess "S" needs an enrolled agent? Any advice welcome here.