I owned a business (subchapter S) and filed for banruptcy a couple of years ago. I recently received a notice regarding Social Security withholding (no W3 filed for last yr. in business) stating that I could be liable for a penalty of $11K. Am I personally responsible for this? Can you recommend a course of action? Thanks!
2006-07-19 02:11:09 · 2 answers · asked by lolabum 1 in Business & Finance ➔ Taxes ➔ United States
If you are the person that is responsible for the filing of thoise returns and the financial aspects of the business, then yes you could be personally liable for the unpaid tax. They can get around the corporate shield. Bankruptcy never releases unpaid taxes so you will have to pay the amount owed.
A good course of action is to work with the gov't agency to get it paid. In most cases they can put you on a payment plan, however do not default or you will owe the entire amount then.
2006-07-19 02:28:21 · answer #1 · answered by extra_37 4 · 1⤊ 0⤋
sounds like something you tax attorney and the IRS could work out. So you don't get your life ruined.
2006-07-26 12:04:20 · answer #2 · answered by nocateman 5 · 0⤊ 0⤋