There is a defunct company that I wish to buy. The company has $400,000 of IRS taxes past due from the year 1998. The taxes are due to non-payment of payroll taxes to the IRS (form 941 filings). The IRS has a lien and judgement on the company which is no longer operating and is in mothballs. If I purchase the company, can I negotiate with the IRS to get the 941 liability dismissed for a nominal amount?
2006-12-29 03:52:16 · 3 answers · asked by MEGW 1 in Business & Finance ➔ Taxes ➔ United States
You can buy the assets of the company without any worries. Assets include furniture, computers,inventory, patents, client lists, the name of the company and any other items owned by them.
There is no way I would want to buy the stock. You would then become responsible for the back taxes and any other liabilities that could show up. Buying the stock is the worst thing you could do knowing what you know about the back taxes.
2006-12-29 04:07:35 · answer #1 · answered by waggy_33 6 · 3⤊ 0⤋
I'd buy the remaining assets, if there are any, but I wouldn't buy the company! Buy the rights to the name and the customer lists for $1.00, but stay away from the company itself.
The IRS will get their due eventually. They'll go after the corporate officers and even the bookkeeper for their $$$.
2006-12-29 04:04:19 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
no longer a topic. deliver what you could with the aid of April 18, and something interior a month or 2. they are going to invoice you for interest on the quantity no longer paid with the aid of 4/18. it is obtainable to establish a fee plan for an prolonged time, yet there's a cost for that, so in case you will pay it interior a pair months do merely it.
2016-11-24 22:58:54 · answer #3 · answered by ? 4 · 0⤊ 0⤋