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HCLegal
HCLegal, Attorney
Category: Bankruptcy Law
Satisfied Customers: 423
Experience:  I have filed over a thousand bankruptcy cases.
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Since the owners are liable for owed IRS taxes on the business,

Resolved Question:

Since the owners are liable for owed IRS taxes on the business, how will it be handled if the business is owned by an offshore entity.
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  HCLegal replied 2 years ago.

HCLegal :

Hello again... The IRS could go after the offshore company and its assets.

HCLegal :

Also, there has to be someone here in the US that has represented the company in some form or fashion.

HCLegal :

Often times the IRS will go after them as well even if they are not owners.

HCLegal :

I have seen cases where the IRS has gone after the treasurer of the company.

HCLegal :

Please let me know if you have any other questions or need clarification.

Customer:

Thanks for the answer. How can the individual affiliated with the entity, say the CEO or CFO, be protected in this case?

HCLegal :

Its hard to say without know what kind of taxes are owed and if there was any fraud involved.

Customer:

Sure, the IRS taxes would be considered income, due to inter-company transactions (A/P-A/R booking). For example, company A owes company B $100,000, and company does not company B. A & B are subsidiary companies.

HCLegal :

If there was no fraud involved then you are probably not going to be held liable (assuming you are not an owner of the company).

Customer:

Well, unfortunately, I am a minority shareholder.

HCLegal :

Sorry to hear that, please let me know if you have any other questions regarding this matter as I would be happy to help in any way that I can.

Customer:

Sure, thanks.

HCLegal :

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HCLegal, Attorney
Category: Bankruptcy Law
Satisfied Customers: 423
Experience: I have filed over a thousand bankruptcy cases.
HCLegal and 2 other Bankruptcy Law Specialists are ready to help you

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