We had 3 construction jobs as subcontractors in DC and VA, 2 jobs are done and 1 is 97% finish, we signed with the Union, after delays they contacted via lawyers the Gen. Contractor to secure the remaining balance and retention which they add to 140K, at the same time we want to pay local and fed taxes with that amount, we reach a settlement with 2 jobs but on the third (50K) left we want to use it for tax payments, how can we legally allocate this funds for tax purposes instead of the union taking over before the IRS. The GC will not release any money until they are given lien releases signed by us and the Union, all our payments on hold, and maybe forcing us out of business, still the government will go after us and the Union will keep all the retention.
Hire an attorney if you can. There are seriously short deadlines in your case. I also took the liberty of changing the subject of your question, that way you may get more responses.
The answer provided is for general information purposes and cannot be relied upon. In order to provide legal advice, one must engage with a live attorney; this answer does not create such attorney-client relationship.
You are asking an extremely complicated question involving federal tax law and the Employee Retirement Income Security Act of 1974 (ERISA) under circumstances where there isn't enough money to go around. There is no way you can get reliable information here on Avvo. We don't know the terms of the benefit plan. We don't know your contract with the third company. We don't know your tax status or even your business form. You are going to have to retain experienced business counsel. You need someone with experience in multi-employer benefit plans and tax law, as well as general business law.
Don't lose your business for want of good legal advice.
@MikaSpencer * * * PLEASE READ: All legal actions have time limits, called statutes of limitation. If you miss the deadline for filing your claim, you will lose the opportunity to pursue your case. Please consult with an experienced employment attorney as soon as possible to better preserve your rights. * * * Marilynn Mika Spencer provides information on Avvo as a service to the public, primarily when general information may be of assistance. Avvo is not an appropriate forum for an in-depth response or a detailed analysis. These comments are for information only and must not be taken as legal advice. Legal advice must pertain to specific, detailed facts which are impossible to gather on a public web site like Avvo. * * * No attorney-client relationship is created based on this information exchange. * * *
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