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Opening a New Corporation May Not Avoid Old Tax Bills

Opening a new corporation doesn’t always avoid your tax bills.

 In Erien Surgical, Inc. v. U.S., 2016 PTC 506 (7th Cir. 2016), the Seventh Circuit upheld a district court's holding that a levy on the bank account of a corporation, which was really the reincorporation of a business that folded without paying all of its taxes, was valid.

 The court noted that the new corporation had the same employees, website, and phone number as the corporation that went out of business.

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Richard Pon CPA, CFP