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How can i get deductions on the amount owed to irs, over a company i opened for my parents?

Austin, TX |

wwe opened a company a while ago, and my parents never filed taxes, now i am left with 11000.00 to pay over my oarents not filling for taxes, which i never even knew they still were using the company.

Attorney Answers 3

Posted

I typically try to answer questions with the most details that I possible can but your facts are not detailed enough to provide an adequate answer. I suspect that there are many tax issues within your question so I suggest that you ask a tax attorney in Texas to get the answers that you seek. There are too many variables and unknown issues for someone to attempt some advice to you.

You could try providing more details about the type of tax, type of company, the structure of the company, and what type of notice you received from the IRS as a good starting point.

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Posted

Yes- more specific information is needed. If you formed a corporation and you were the only responsible party, you most likely will be responsible, if, in fact, the tax debt is correct. I can guess that you did not hire an attorney or CPA to form the company and do the accounting. Dont be pennywise and dollar foolish again, it will just make the IRS issue worse. Hire a tax attorney or CPA now. (not the cheap 'accountant' recommended by friends and family that can get you a 'big refund').

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Posted

If these are corporate taxes which are owed, then amending the returns is one possibility. However, if the taxes owed are for late filing penalties then there are provisions to request abatement of the penalties. Revenue Procedure 84-35 may be helpful it it's a closely held entity and less than 10 owners. Without further details, it's difficult to narrow the scope of the response any further.

Becasue of the amount, you should consider getting some help to resolve this. You'll likely find that competent help will save you both time and money.

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