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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10493
Experience:  30 years of corporate, litigation and international law
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I just received a letter from the irs from 2008 stating the

Customer Question

I just received a letter from the irs from 2008 stating the s-corp I own but haven't used in years owes the irs money the letter was to the corporation the corporation has no assets and no bank accounts, there is an indemnity clause in the s-corp can the irs come after me as the sole officer and shareholder
Submitted: 1 year ago.
Category: Business Law
Expert:  Richard - Bizlaw replied 1 year ago.
Hello, my name is***** will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.The only federal tax an S corp can owe is for late filing of a return. The S corp is a pass through entity and its income is passed through to shareholders who report it on their personal returns. As a shareholder, you are not personally liable for the obligations of the corporation and that woulld include any penalty assessment. The indenification clause probably runs from the corporation to you and not vice versa. Regardless you would not owe the tax obligation of the corporation. If I have answered all your questions, please positively rate my answer as that is how I receive credit. If you have more questions, please let me know. If my answer was particularly helpful you can pay a bonus.
Expert:  Richard - Bizlaw replied 1 year ago.
If you have more questions please be sure to let me know.