Joe is the president and sole owner of a corporation.  He invested a lot of money into the company.  His accountant told him that he’d get better tax treatment and pay a lot less taxes if he considered the money a loan to the company and took his “compensation” in the form of loan repayments …Read more

A business owner inquired whether he had to file bankruptcy for his corporation to avoid personal liability for the company’s debt, or whether there were other options to closing out the company.  The company had few assets remaining, with a value of $20,000, and a tax debt for payroll taxes of $25,000, contributions due to …Read more