Do I have to pay irs

Asked 12 months ago - Plainfield, NJ

Need to know do I have to pay irs for a closed s corporation tax fine. Will they be able to come after me personally if I cab no longer pay the payments of the payment plan aggreement I am under

Attorney answers (3)

  1. Steven M Zelinger

    Pro

    Contributor Level 20

    5

    Lawyers agree

    Answered . Mr. Corrigan is correct - depends on the type of tax. If these are, for example, payroll taxes (Form 941, 944), and you are the "responsible person" then you are on the hook personally for the "trust fund" portion.

    This is not legal advice nor intended to create an attorney-client relationship. The information provided here is... more
  2. John P Corrigan

    Contributor Level 19

    4

    Lawyers agree

    Answered . You do not give enough information. If it was a deficiency for trust fund taxes (payroll) then you are on the hook personally. If you can no longer as agreed then contact them and tell them your circumstances have changed and you need to work something out with a lower payment.

    My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a... more
  3. Gregory David Verdibello

    Contributor Level 10

    4

    Lawyers agree

    Answered . If your corporations owes Form 940 or Form 941 taxes, then you would want to pay at least the trust fund portion of the payroll taxes, because the IRS can find you personally liable for that portion of the unpaid payroll (941 and 940 taxes).

    As the other attorneys have stated, there are not enough facts here to properly answer your question.

    This material does not constitute tax, legal or accounting advice. It was not intended or written for use and... more

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