What would the IRS do to me If I bought a corporation that was in trouble with them, is my corporation safe?

The IRS dosn't know of the transfering of the lease and that I am the new owner, would they care? would they stop any reposetion of assets, or do they take assets and then they investigate? would they close my bussines? What can I do? How can I avoid this problem next time?

Public Comments

1. See a lawyer. Seriously!
2. if i were you i'd be talking to my lawyer,FAST!!!
3. Get all your paperwork ready (ownership transfer etc.). Will probably have to get a lawyer. Doubt they would close your business but you will need to talk to them very soon. As far as the future goes, it seems that a lawyer should be able to check out any tax, mortgage, etc type of issues. Good luck.
4. IRS has first lien on all assets and moneys, even debts owed to the company. If the company owed the IRS, selling the company does not terminate the lien. The IRS can and will seize all assets including debts owed to the company by customers, despite the company being sold. In simple terms, when you bought the company, you also bought the IRS debt. I recommend you see an attorney that specializes in Tax law.
5. IRS doesn't care. The corporation is the delinquent taxpayer not you and it can collect from anything the corporation has or gets. If you are not careful, IRS could pursue you personally for any unpaid withholding taxes due from before you took over. I am an enrolled agent, a tax specialist licensed by the US Treasury Department Office of Professional Responsibility (not an IRS employees) to represent taxpayers the same way as attorneys and CPAs and specialize in clients who have substantial outstanding tax liabilities or long periods of failing to file returns. If you would like some additional information about dealing with the mess you have bought into outside this forum, you can send me email through my profile.