What is the name of your state (only U.S. law)? CT
I'm hoping I can get some advice. I work for a small LLC, there is one owner, and two employees. The IRS recently paid my boss a visit because he apparently has not paid any payroll taxes since he opened the business in January of 2012. They were here to get the ball rolling on the TFRP. From what I understand, he owes about $25K in payroll taxes from 2012, and has not paid anything for 2013. He also owes the state $22K for unpaid sales tax for 2012, and I'm sure for 2013.
I know that the IRS asked for basically all of his personal and business financial information, including the names and contact for all of our clients (we're in advertising), and he sent it in last week, along with a letter giving them a sob story about he "had every intention of paying it eventually". He did not request a hearing. There is no way that my boss can enter into a payment agreement with the IRS and still be able to pay our vendors and salaries on a monthly basis - the cash flow is just not there. Is the reality of the situation that the company will get shut down? If so, how long does that process typically take? I want to be able to retain my clients outside of this agency and just become self employed.
Thankfully I have a W2 from last year and all of my paystubs showing that the money was withheld. If I had known what was going on, I would have left this company months ago. The worst part is my boss hasn't been upfront with what's really going on - I know all of the details because he accidently CC'd me on an email to his accountant...
Any advice/information would be greatly appreciated!
Update - it appears that as of today, a federal tax lien has been placed on the business. I need to know if I'm still going to get paid this month, or if all accounts receivables go right to the government....sigh....
I'm hoping I can get some advice. I work for a small LLC, there is one owner, and two employees. The IRS recently paid my boss a visit because he apparently has not paid any payroll taxes since he opened the business in January of 2012. They were here to get the ball rolling on the TFRP. From what I understand, he owes about $25K in payroll taxes from 2012, and has not paid anything for 2013. He also owes the state $22K for unpaid sales tax for 2012, and I'm sure for 2013.
I know that the IRS asked for basically all of his personal and business financial information, including the names and contact for all of our clients (we're in advertising), and he sent it in last week, along with a letter giving them a sob story about he "had every intention of paying it eventually". He did not request a hearing. There is no way that my boss can enter into a payment agreement with the IRS and still be able to pay our vendors and salaries on a monthly basis - the cash flow is just not there. Is the reality of the situation that the company will get shut down? If so, how long does that process typically take? I want to be able to retain my clients outside of this agency and just become self employed.
Thankfully I have a W2 from last year and all of my paystubs showing that the money was withheld. If I had known what was going on, I would have left this company months ago. The worst part is my boss hasn't been upfront with what's really going on - I know all of the details because he accidently CC'd me on an email to his accountant...
Any advice/information would be greatly appreciated!
Update - it appears that as of today, a federal tax lien has been placed on the business. I need to know if I'm still going to get paid this month, or if all accounts receivables go right to the government....sigh....
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