Recent content by HodgePA

Thanks to all for the added information and clarification. Questions remain: Can owners/shareholders of a failing S-corp business that owes penalties be persued to pay? If the business shuts down - makes the last filing with the IRS - can and does the IRS pursue? Does anyone have experience...

Long story short: The taxes were not filed for a period of 5 years: 2008, 2009, 2010, 2011, 2012. IRS was missing 2008's return. Fast forward to 2015, the return was filed and the IRS abated the penalty for that year (2008), but said we are on the hook for the remaining 4 years for ~$19,000...

Clarification: The "taxes owed" are penalties and interest on those penalties (taxes were paid) on the late filing of 1120S forms to the IRS. I spoke with a tax lawyer who said that since these are penalties, I could shut the business down. Since the business has no assets (no property or...

What is the name of your state? Pennsylvania Considering bankruptcy for S Corp. Back taxes are owed. Do I need a lawyer? What is the process, in a nutshell? What is the liability (to owners) to pay back taxes? Thank you