S Corp Owed Payroll Taxes to IRS!!! Is it true?
Date: Wed, 03/17/2010 - 17:54
Ok, so I have basically closed my business and really have done much with it since 2008. I have liquidated a few items on ebay and stuff, but that is about it. I haven't paid payroll taxes on any of my business activities during 2007 and 2008. I just didn't have any money for it. I probably owe around $5,000. Who knows how bad it is now with penalties and stuff.
My business is an S-Corp and I have really no money in it any more. All the assets that are worth anything have been sold. It is insolvent to say the least. I have been paying my business debts off with my own money because I was a signed guarantor on the loans.
Am I personally responsible for any back taxes, interest, penalties that the business may owe?
My business is an S-Corp and I have really no money in it any more. All the assets that are worth anything have been sold. It is insolvent to say the least. I have been paying my business debts off with my own money because I was a signed guarantor on the loans.
Am I personally responsible for any back taxes, interest, penalties that the business may owe?
On an S Corporation yes you are as an officer of the company. B
On an S Corporation yes you are as an officer of the company. But the IRS is really easy to work with on these and can put you on a payment plan at low interest rate. I used to be an accountant and I helped several clients with these types of IRS issues. So if you have received some kind of notice - call them - I wouldn't wait for them to come after you.
Do you know if they will ever forgive any part of it or even the
Do you know if they will ever forgive any part of it or even the interest/penalties?