wesson1978
Junior Member
What is the name of your state? Colorado
My father recently got disabled, and is no longer able to operate his business. I stepped in to look at his books to see what can be done and was shocked at what I found. He has never once paid the taxes withheld from employees' checks. He has never once paid the matching taxes from the business. Up until '09, he had never filed taxes with the government. He has now filed '04-'07 taxes and he told me that he owes nothing for those years, but has not filed '08 or '09 yet.
Because of his disability, and inability to operate the business any longer, I'm looking to dissolve the S Corporation with the Power of Attorney that he gave me. He currently has about $500 in the bank, and near as I can tell, owes about $21,000 for the back payroll stuff.
My question is this...can I just close the corporation and go bankrupt on the payroll taxes? He certainly can't pay them. Would he still be liable personally, or would that go with the corporation?
Any help or suggestions would be greatly appreciated.
My father recently got disabled, and is no longer able to operate his business. I stepped in to look at his books to see what can be done and was shocked at what I found. He has never once paid the taxes withheld from employees' checks. He has never once paid the matching taxes from the business. Up until '09, he had never filed taxes with the government. He has now filed '04-'07 taxes and he told me that he owes nothing for those years, but has not filed '08 or '09 yet.
Because of his disability, and inability to operate the business any longer, I'm looking to dissolve the S Corporation with the Power of Attorney that he gave me. He currently has about $500 in the bank, and near as I can tell, owes about $21,000 for the back payroll stuff.
My question is this...can I just close the corporation and go bankrupt on the payroll taxes? He certainly can't pay them. Would he still be liable personally, or would that go with the corporation?
Any help or suggestions would be greatly appreciated.