How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask BizIPEsq. Your Own Question
BizIPEsq.
BizIPEsq., Attorney
Category: Business Law
Satisfied Customers: 996
Experience:  I am a business attorney. I represent individuals and companies with all business related matters.
73280834
Type Your Business Law Question Here...
BizIPEsq. is online now
A new question is answered every 9 seconds

If I am interested in buying a business, but the current owner

This answer was rated:

If I am interested in buying a business, but the current owner owes back taxes. What needs to happen for the business to get caught up so I don't have any issues moving forward?

BizIPEsq. :

Hello, I will be assisting you

BizIPEsq. :

you have two options:

BizIPEsq. :

1) have the business pay up their taxes and present a certificate of good standing

BizIPEsq. :

2) leave enough money in escrow out of the purchase price which would be used to fulfill the tax liabilities

Customer:

It comes to light that the seller has no idea what he owes, no records, etc... I do want the business, however.

Customer:

Is he better going to the ir s or a corp tax attorn or is there an amnesty program offered?

Customer:

Also, can previous actions(or inactions) as the case may be affect us moving forward?

BizIPEsq. :

The IRS generally does not offer amnesty programs but there is no harm in trying to negotiate a settlement with them

BizIPEsq. :

the state of NJ may have an amnesty program available but that you would need to contact the revenue department and ask them

Customer:

Do you have any companies you recommend for negociations?

BizIPEsq. :

Expert on JA are not permitted to recommend any specific service providers. If you search online for "IRS settlement attorney" I'm sure a lot of leads will come up

Customer:

Oh OK. TY

BizIPEsq. :

you're welcome

BizIPEsq. :

please rate my service

Customer:

done

BizIPEsq. and 3 other Business Law Specialists are ready to help you

Related Business Law Questions