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Tax question

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K

kimhanson

Guest
For 2 years, I was the president of a corporation in New York State. I was asked to resign which I did. This corporation is behind in sales tax and corporate taxes. Now I'm being told (by the corporation) that I am still personally responsible for the back taxes owed. Is this true and if it is, what recourse do I have? Any help would be greatly appreciated. I am really very upset over this.
 


HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by kimhanson:
For 2 years, I was the president of a corporation in New York State. I was asked to resign which I did. This corporation is behind in sales tax and corporate taxes. Now I'm being told (by the corporation) that I am still personally responsible for the back taxes owed. Is this true and if it is, what recourse do I have? Any help would be greatly appreciated. I am really very upset over this.<HR></BLOCKQUOTE>

Hire a corporation attorney right away. Officers of a corporation can be held indivdually liable for taxes owed to various governmental agencies.
 
O

oldcpa

Guest
You need to discuss your case with a CPA or Attorney who is experienced in Federal tax controversies.

In general, if you signed paychecks and then did not make sure the payroll taxes were paid when due...you can be made to pay all taxes plus any penalty and interest assessed. This type of debt is not dischargable by bankruptcy either.

There are a few cases where officers were not held to be liable for the payment of taxes; however it is very unusual. Among other things you would have to prove that you had no knowledge that taxes were not being paid nor was there any reason for you to suspect so.

 

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