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Latest revision as of 15:34, 29 July 2025
Leave it to lawyers and the federal government to not be able to give a straight respond to this question! Unfortunately, in order to be allowed wipe out a tax debt, the numbers of five criteria that must be satisfied.
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Another angle to consider: suppose little takes a loss of revenue for all four. As a C Corp there exists no tax on the loss, however there can also no flow-through to the shareholders issue with having an S Corp. Losing will not help your personal tax return at all. A loss from an S Corp will reduce taxable income, provided there is other taxable income to decline. If not, then there isn't any no income tax due.
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