Is there a limite on how long the IRS can make your responsible for a payroll taxes debt you incured with a busniess that you have clossed?
2006-06-15 05:33:18 · 7 answers · asked by Donald S 1 in Business & Finance ➔ Taxes ➔ United States
I agree with the above answer, it is 10 years. I personally went through a situation where the payroll taxes were not paid. Luckily, I was able to meet with someone from the IRS (at a local office) and sort of "take care of things". Her opinion as to why there was no levy was the sheer bulk of items at the IRS and the timing of the unpaid taxes.
It is best to file the W2s and W3s so that people can get the credit toward their social security. From there, it is approximately 10 years. Also, don't forget that they will go after the person of significant influence to the employees (aka management). Just because you are a tax signer doesn't mean you are alone in the liability.
Good luck!
2006-06-15 09:40:26 · answer #1 · answered by Molly 6 · 0⤊ 0⤋
No, the payroll taxes at the instant are not owed two times. If he became a "responsible occasion" then he's individually answerable for the taxes. at the same time as the organization has an contract in place and are making money, the IRS positioned him on observe as a backup plan. They in all likelihood acted so as that the statute of barriers did no longer expire. If the organization fails to honor their contract the IRS is now able to circulate after him for the taxes.
2016-12-08 21:09:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
My parents incurred such a debt back in 1985, they could be so lucky to have the IRS give up collecting back in 1995, after 10 years. While the IRS might not garnish wages or other more aggressive collection methods....they don't ever get a refund and can't own any real property.
2006-06-20 01:52:07 · answer #3 · answered by Kimmers 2 · 0⤊ 0⤋
The IRS will hound you forever! Well-not exactly - but close. Did you close the business or file bankruptcy? That has a bearing. Also - was it a corp or sole proprietorship? If sole prop, the IRS can and will take everything from all your personal accounts. If I were you - call the IRS and make arrangements. The interest they charge is so high it's unreal. If you can offer them a lump sum settlement. When all else fails - get a lawyer! QUICK!
2006-06-15 11:54:17 · answer #4 · answered by Blond Logic 4 · 0⤊ 0⤋
Yes, if i remember correctly it is 10 years but if there is a great deal of money involved retain a tax attorney, it is costly but most of us do not have the knowledge on IRS regulations to defend ourselves!
2006-06-15 05:38:27 · answer #5 · answered by Pobept 6 · 0⤊ 0⤋
ROFL!! OH H*LL no!!! The IRS has NO limitations. :) They can screw you over at any time of their choosing. So if you owe money, you BETTER make arrangements. Because eventually, they WILL come for you.
2006-06-15 05:37:33 · answer #6 · answered by Quietman40 5 · 0⤊ 0⤋
Nope in fact they can pile on further fees. Pay it or settle it now before it gets too big to handle.
2006-06-15 05:36:32 · answer #7 · answered by Anonymous · 0⤊ 0⤋