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I am applying for a tax ID # for my new business. I owe money on my personal taxes. Can the IRS take money from my business for my personal taxes with a tax ID number?

 
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9 Replies

I am applying for a tax ID # for my new business. I owe money on my personal taxes. Can the IRS take money from my business for my personal taxes with a tax ID number?

How is the business organized?  Solo LLC? Partnership? C Corp? S Corp?

I am applying for a tax ID # for my new business. I owe money on my personal taxes. Can the IRS take money from my business for my personal taxes with a tax ID number?

It is registered with the State as an LLC

I am applying for a tax ID # for my new business. I owe money on my personal taxes. Can the IRS take money from my business for my personal taxes with a tax ID number?

Just you as an individual?

I am applying for a tax ID # for my new business. I owe money on my personal taxes. Can the IRS take money from my business for my personal taxes with a tax ID number?

It is myself and a partner.

I am applying for a tax ID # for my new business. I owe money on my personal taxes. Can the IRS take money from my business for my personal taxes with a tax ID number?

We actually setup the EIN with my partner's name but need a copy of the EIN confirmation/verification letter.  We are having a really hard time getting a hold of the IRS for that letter.  I was considering just redoing the EIN in my SS# so we can get the letter and open a bank account.  I obviously don't want to do that if my past due taxes are going to cause a problem.

I am applying for a tax ID # for my new business. I owe money on my personal taxes. Can the IRS take money from my business for my personal taxes with a tax ID number?

Partnerships are a different legal (and tax) structure than a solo LLC, so it matters.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Single-Member-Limited-Liability-Comp...>
<a rel="nofollow" target="_blank" href="https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Partnerships">https://www.irs.gov/Bu...>
Critter1
New Member

I am applying for a tax ID # for my new business. I owe money on my personal taxes. Can the IRS take money from my business for my personal taxes with a tax ID number?

I am applying for a tax ID # for my new business. I owe money on my personal taxes. Can the IRS take money from my business for my personal taxes with a tax ID number?

If you already have an EIN, don't create a new one for the same business just to get a new letter.  That will create far more problems than it solves.

I am applying for a tax ID # for my new business. I owe money on my personal taxes. Can the IRS take money from my business for my personal taxes with a tax ID number?

If you end up as a solo owner, then the business profits go on Schedule C on your personal tax return (Form 1040), so any refund will be seized by the IRS.

I suggest that you and your partner visit a local professional to set this all up correctly: legally, financially and taxwise. For example, any business loans you apply for may also require your personal guaranty, and past due personal taxes could negatively impact this. If you are married and live in a Community Property State, there are special considerations as well.

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