Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Purchase of existing business, asset transfer with new TIN, to a 2019 disregarded entity

stevenc4251
Level 1

In Florida, we purchased two operating ice cream shops in July 2020.  The shop has been in continuous  operation for several years.

The previous ownership had a PPP1 draw, with supposed forgiveness. 

We used an LLC with an existing bank account (me & wife) that had a tax ID and had been in existence since 2018.  We used it to separate our rental expenses and income, we have not declared it disregarded or filed personal taxes for 2019.

It appears, SBA allows PPP for this situation.  The issue is, I do not have the owners tax forms from 2019 forward. I have all the data and P/L stuff, but no 940 or 941Q1 Q2 to establish operation during 2/15/2020.  I probably even have the data that belongs to those forms.  I understand the 940 would be a successor company, on my end and

I do have them for Q3 and Q4.

We bought these shops by liquidating a bunch of real estate (q1, q2 of 2020).  Of course personally we had rental income for 2019 and 2020. Can I use this income via 1099 or whatever for Q1 Q2 evidence of operations?  The monthly payroll is about $30k, around $114K for the second half of the year- without really paying ourselves.

I have another LLC that also owns two Ice cream shops, same franchise and I have had not issue.  Of course we have owned for a couple years.

Does anyone have any creative ideas?  If someone is willing to help me apply- well I am all about that too.

 

Please help!

0 Cheers

This discussion has been locked. New comments cannot be posted on this discussion anymore. Start a new discussion