What can we do if we owe business and employee taxes? 4 Answers as of November 27, 2012

Business taxes and empoyee taxes not paid by a business that was incorporated and is over ten years old is the principal officers reliable or even still due.

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Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
IRS can assess the trust fund portion of the unpaid payroll taxes against a "responsible official" of the corporation. If and when it is assessed, IRS has 10 years from the date of assessment to pursue collection of the assessed taxes, unless the 10 year collection statute is extended by one of several exceptions. You should request a transcript of the account from IRS and consult with a tax attorney.
Answer Applies to: Illinois
Replied: 1/8/2011
Steven J. Fromm
Steven J. Fromm | Steven J. Fromm & Associates, P.C.
Generally, if the corporation is run with the required legal formalities, shareholders are not liable for corporate and business taxes. However, if you have not done so, taxing authorities may come after you personally. Also, payroll taxes can be asserted against the owners as responsible parties under Section 6672 of the Internal Revenue Code. Without reviewing the total tax situation, no conclusive answer can be given through this forum.
Answer Applies to: Pennsylvania
Replied: 1/6/2011
E. Ray Critchett, LLC
E. Ray Critchett, LLC | Ray Critchett
Generally, a tax attorney or other specialized professional will be able to help you with these matters. The answer will depend on whether or not returns were filed as well as on several other factors. You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue. You can also schedule an appointment or obtain additional information at. Thank you.
Answer Applies to: Ohio
Replied: 11/27/2012
Givner & Kaye
Givner & Kaye | Bruce Givner
he principal officer is probably liable. The principal officer should hire a competent tax litigator as soon as possible.
Answer Applies to: California
Replied: 1/4/2011
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