Loaning money to a LLC in which I was 25% owner my Ex wife was a 25% owner and my bookeepers wife was 50% OWNER

Asked about 2 years ago - Oklahoma City, OK

THIS DEPT WAS NEVER REPAID NOT ONE PAYMENT, THIS MONEY WAS TAKEN FROM MY 401K AT THE ADVICE OF MY SO CALLED CPA LATER FOUND OUT HE DID NOT HAVE A DEGREE HIS WIFE WAS THE 59% OWNER. THE AMOUNT IS IT 100% DEDUCTIBLE ON TAXS INCLUDING INTEREST. BUSINESS IS NOLONGER AROUND AND I STILL HAVE THE ISSUE FOR EARLY WITHDRAWAL TO IRS, HE SAID TO ME WHEN HE DID LOAN HE WOULD NOT SHOW IT WITH DRAWN SO I WOULD NOT HAVE TO PAY TAXS. I HAVE THE PAPERS SHE SIGNED FOR THE LOAN HIS WIFE I AM OUT OVER 190K SHOULD THIS NOT BE A TOTAL LOSE TO ME AND MY TAX BURDEN?

Attorney answers (1)

  1. Victor R. Wandres

    Pro

    Contributor Level 9

    Answered . This sounds like a complicated issue. You may have a cause of action against the CPA (and possibly his wife) for fraud. If the business is now defunct, then there is no chance to recover the money from the business. You should seek an attorney competent in business litigation. Although it doesn't look like Oklahoma County offers one, The Tulsa County Bar Association has an excellent referral service. See link below.

    The answer given does not imply that an attorney-client relationship has been established and your best course of... more

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