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Our S-Corporation was closed. We have an IRS fine from not filing the tax return on time. Are we personally liable?

Des Plaines, IL |

We closed the S-Corp at the end of April 2013. We had no idea that we were supposed to file taxes by the 15th day of the 3rd month after closing the S-Corp. We figured that since the 1120S form is related directly to our personal return, that we should file the S-Corp return in the spring of 2014 along with our personal taxes. Well, that's what we did and it prompted the IRS to send us a "Fail to File Timely" fine. So now we have to deal with this imposed fine since we were the only two shareholders of the S-Corp. I have heard from an accountant that they can't collect on a business that is closed. We have found similar forums about fines for closed S-Corps with unpaid payroll tax liability, but no definitive answer for our situation. Are my wife and I personally liable for this IRS fine?

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Attorney answers 2


You will need to hire a lawyer to sort this out and obtain Legal Advice. Avvo does not permit users to solicit on these pages, even when we know the answers.

Avvo has a fine Find a Lawyer tool so use it to hire a lawyer for Legal Advice. You need it with the IRS after you


You should meet with an attorney who can advise you on these issues.

This answer is based on general legal principles only and is not intended to provide specific legal advice. This answer is for informational purposes only and does not constitute the formation of a lawyer-client relationship. Any reader of this answer should not make decisions based upon in without first directly consulting with an attorney

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