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02-Jan-2020 06:07

Any advice anyone can give on all this will be very much appreciated.

Fraudulent backdating to provide a tax advantage is illegal.

I have recently gone to work for a small business in which many entity changes were effected by a previous outside tax planner as of the end of 2011 and throughout 2012. During year 2012, four additional LLCs were created to conduct different lines of business for the same married owners.

The original company, an S-corp, was split into two separate LLC entities, one for each of the two locations which sell identical products and services. The two locations and the other new entities were separated in order to protect the owners’ assets from potential lawsuits should there be any.

The operating agreement for each of the six LLCs indicates that the ownership is 50/50 husband and wife.

Was all monies run through S-Corp or were individuals the recipients?Facts and circumstances as to how the LLC's went about their business are needed.For example, were W9's filled out with S-Corp EIN as required?At this point no returns were filed showing intent of LLC's to be owned by individuals.The legal advice I reseived about this type of scenario, years ago, was: Don't backdate the documents, but include an "effective as of..." date in the body of the document or as a footnote.

Was all monies run through S-Corp or were individuals the recipients?

Facts and circumstances as to how the LLC's went about their business are needed.

For example, were W9's filled out with S-Corp EIN as required?

At this point no returns were filed showing intent of LLC's to be owned by individuals.

The legal advice I reseived about this type of scenario, years ago, was: Don't backdate the documents, but include an "effective as of..." date in the body of the document or as a footnote.

The LLCs would have been “disregarded entities” with the owner being the holding company, 100%.