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I had closed a business in 2008 and owe corp taxes for 2007

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and 2008 for $3436.51 and...
I had closed a business in 2008 and owe corp taxes for 2007 and 2008 for $3436.51 and was corp s, they are pursuing with notices of collection. Am I responsible as an induvidule
Submitted: 1 year ago.Category: Tax
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10/31/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,854
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi.

...

If the business is a corporation or an LLC, and you followed the corporate aws of your state, and didn't commingle personal and corporate assets so that they can pierce the corporate veil under alter-ego theory (you might want to gogle that term), then no they cannot.

...

A corporation, and an LLC which carries corporate liability porotection, when run correctly is a separate entity from it's owners.

...

They CAn take the corporation itself, as the corporation is an asset, AND they can continue to require a tax fioing until you dissolve the corporation. But again if oyu did things right, a taxing authority cannot attach OTHER asses or income of the shareholder for rax debts of the corporation.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Please let me know if you have any questions at all, before you rate me

...

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit").

...

Thanks!

Lane


I have a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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Customer reply replied 1 year ago
I didn't close out the corp correctly in 2008 by an over sight and I ended to let it dissolve because all the back fees they were going to assess on me. am I still ok and can this also apply to irs fees as well
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

On the first part that's fine (as long as you can see that it IS dissolved, they won't expect continued return filings)

...

And as long, again, as ran things appropriately (kept that separate status) for the time the tax debt was created, they cannot successfully attach your personal assets or income.

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,854
12,854 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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