i have an s-corp for software consulting revenue, contributor myself. i ran payroll for x amount of money and paid personal taxes, remaining company money i invested in another business from my personal account, not company account. i lost all the investment and can not pay taxes now.
what are my tax implications, how can i tell irs i can not afford to pay company taxes now.
Your questions is a bit vague. What company taxes are you referring to? You cannot avoid paying the trust fund portion of payroll taxes, and S Corps. usually are not liable for income tax.
Phillip M. Smith Jr.
Los Angeles Tax & Business Attorney
Licensed in the United States Tax Court
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Generally if they were true business investment loses then the S Corp income may be zero out and you may not owe any taxes.
Please contact a good tax accountant/CPA to be sure.
Otherwise you will pay over time plus penalties.
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Please consult a tax attorney. If you owe payroll taxes, you will be personal liable for the trust fund amount. Please make sure you file timely (it is already late, but file ASAP to avoid further late filing penalties.)
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