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This answer was rated:

Can the IRS or State levy my personal bank accounts for back

taxes owed on a corporation...
Can the IRS or State levy my personal bank accounts for back taxes owed on a corporation that was shut down. I claimed those back taxes on my Chapter 7 bankruptcy.
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Answered in 12 minutes by:
11/7/2013
CalAttorney2
CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10,244
Experience: I am a businesses law attorney, with experience advising and representing owners and investors.
Verified

William B. Esq. :

Thank you for using our service. My name is XXXXX XXXXX I would like to assist you today.

William B. Esq. :

Your personal liability will depend on the type of taxes owed. If these are payroll taxes, you can stil be held liable, but if they are for other types of taxes, you would not be liable, and the IRS will not be looking to collect from you as an officer (no personal liability).

Customer:

How about the state of california.

Customer:

I received a final notice before suspension or forfeiture with our corporate name on it as well as my personal name. It is for tax returns not being filed on time - late fee. Not payroll taxes

Customer:

Also received a corporation pre-levy notice on the corporation.

William B. Esq. :

You are only liable for taxes to the extent of your distributions (meaning that if you received assets at the time the business closed, you will be responsible to the Board of Equalization for that value - ex. you receive $500.00 when the business closes, corp. owes $10,000.00 in taxes, you can be held responsible for $500.00.

Customer:

So if we received nothing when the corporation closed then we owe nothing?

William B. Esq. :

Correct.

Customer:

It was grossly in debt.

Customer:

Thank you! Also, we have 2 corporations. One of the corporations we started up after the 1st corporation failed. We just filed the paperwork and got the corporation going but we never ended up using the corporation, doing business with it, or filing taxes on it. Now they are charging us for late fees on not filing tax returns for it. Can they charge us for not filing taxes if we never used the business?

William B. Esq. :

Remember - the corporations are each separate entities. They will each independently accrue taxes and/or fees with the various controlling agencies, and will each be independently responsible for those. Unless you have linked them in some fashion (one owns the other for example as a holding corp.) they will be completely unrelated.

Customer:

So was I required to file a tax return even though we never conducted business with that separate entity?

Customer:

Other than creating the entity?

William B. Esq. :

Yes

Customer:

Argh! Will they be able to come after me personally for those late fees?

William B. Esq. :

No

Customer:

Do I have to do anything to shut that entity down or will they eventually shut me down on their own?

Customer:

Because I've accumulated fees and not paid them

William B. Esq. :

(Please excuse any delay, I apologize for the interruption and will be right back)

Customer:

Thank you! I really appreciate your help! I think i got everything answered I needed answered today!

William B. Esq. :

Excellent, I do wish you the best.

Customer:

Thank you! You too!

William B. Esq. :

I hope the above is helpful, if you have any questions please do not hesitate to let me know and I will follow up quickly.


Thank you for using our service, please do not forget to rate my answer when you are satisfied.

CalAttorney2
CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10,244
Experience: I am a businesses law attorney, with experience advising and representing owners and investors.
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CalAttorney2
CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10,244
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Experience: I am a businesses law attorney, with experience advising and representing owners and investors.

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