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Corp. Taxes Due

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HELP!I have a S-Corp in NY and have accumulated fed and state taxes. I haven't done business in over 8 months, and don't intend to, but have still been filing all required forms as well as paying my Accountant the same amount as when I was doing business(thats not his fault). Can I dissolve this corporation owing these taxes or do I have to keep it going until I pay these taxes, and keep accumulating more and substantial expenses like the Acct.,State and Fed tax interest on the unpaid balances. Can I be held personally responsible even though some poor business decisions led to the fact that there was no more $$$ to pay these taxes?



Most, if not all states, require that you get a tax clearance as a prerequisite to dissolution.
As far as the taxes are concerned, if these are payroll taxes, the IRS can assess a penalty against responsible persona, who know that taxes that were required to be withheld are not being paid. The penalty is in the amount of the tax owed. It is called the Trust fund penalty. Very possibly, the state has similar provisions.

This is intended as general information only and NOT LEGAL ADVICE. You are not my client, and I have no obligation of any kind to you. To retain a lawyer, go to http://AttorneyPages.com


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