Transfer Long Term Liability to Working Capital with Overseas LLC's The companies are LLC's. Company "A" is registered and located in the United States. Company A has two long term liability on its books from liability "B", supposedly the owner but not confirmed, and liability "C", a company from Taiwan not registered in the United States, or so I have been told. All companies are owned by the same person.
The manager wants me to change the liabilities with companies B & C to working capital. Is this possible? I know definitely that if company C is registered in the US with a different FEIN that this is not allowed. However, the manger says another CPA says it's possible.
Can you please tell me if this allowed or against IRS regulations? I am not familiar with overseas. |