I just started a non-profit corporation (non tax exempt) in California and am currently in the chexsystems with poor credit so I can't open a business checking account. If one of the corporation's officers who owes personal taxes to the IRS opened up a business checking account under the corporation, can the IRS levy the business account? I already have my EIN but they will still need his social security number. The account will be strictly used to pay expenses and salaries and there will be no transactions greater than $10,000.
From what I recall, anything under $10,000 is not reported to the IRS. So do I have anything to worry about?
Any advice/insight would be much appreciated.
Thanks in advance.
Actually, come to think of it, there may be a good chance of having deposits greater than $10,000. But as long as the business account will not be used as an alter-ego will I be protected? Basically the signer of the bank account will have to provide his social security number and will be attached to the business checking account, does the IRS have any legal right to levy the corporate funds in the account?
Like I stated before, it is a non-profit mutual benefit corporation which is not tax-exempt.
Thanks.
From what I recall, anything under $10,000 is not reported to the IRS. So do I have anything to worry about?
Any advice/insight would be much appreciated.
Thanks in advance.
Actually, come to think of it, there may be a good chance of having deposits greater than $10,000. But as long as the business account will not be used as an alter-ego will I be protected? Basically the signer of the bank account will have to provide his social security number and will be attached to the business checking account, does the IRS have any legal right to levy the corporate funds in the account?
Like I stated before, it is a non-profit mutual benefit corporation which is not tax-exempt.
Thanks.