By: Judy
My employer hasn’t paid pr taxes since Nov 07. Employer has tax attny handling the case. The business checking acct funds were frozen, to be taken by the IRS in late Aug. Employer went in for a 4180...
View ArticleBy: Peter
Judy, Thanks for visiting. Officers (and shareholders) are not automatically responsible persons for purposes of the assessment of the trust fund penalty. Here is the standard: Did you have the...
View ArticleBy: Jeff Day
You stated: “Lawyers advise their clients to incorporate for a variety of reasons, but by far the most important one is to insulate shareholders from personal liability for corporate debts.” “Jeff you...
View ArticleBy: Peter
Jeff, You can tell a lot about a person by what he is critical of in others. The fact that you are so ready to accuse others of intentionally giving bad advise to their clients just to make more money...
View ArticleBy: Judy
Peter, Yes, I am a signer on the bank accounts and yes I did with the bookkeeper decide who was to get paid. But the owner of the company assured me repeatedly that the IRS only puts liens on officers...
View ArticleBy: Peter
Judy, I don’t know if you’ve been set up, but I do think you could be assessed a trust fund penalty. The fact that you were not an officer is not enough to insulate you from liability. If you end up...
View ArticleBy: Use Separate Business Account, IRS Says
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View ArticleBy: steve
Hello, An elderly friend of mine formed an LLC and started a deli in 2008 in South Florida. He never colleced or reported sales tax. The FL Dept of Revenue is now after him to pay sales tax on the...
View ArticleBy: Peter
Steve, Assuming the company was formed and operated properly, the DOR cannot go after your friend personally for the debts of his LLC unless he actually collected and failed to remit sales tax. This is...
View ArticleBy: Jill
Peter, I am self employed, not Inc., nor LLC. I file my taxes yearly with my husband jointly. Am I legally obligated to pay quarterly taxes, or is this just a convenience so I do not have a large...
View ArticleBy: Peter
Jill, Generally, you are required to make estimated tax payments. Calculating the proper amount of estimated payments can be tricky, however.
View ArticleBy: Barbara Saunders
There is no “corporate veil” in a sole proprietorship, is there? Opening a business account prematurely made it more difficult, not less, to separate business and personal expenses for me. When you’re...
View ArticleBy: Peter
Barbara, No corporation, no corporate veil. I disagree. It can never be cleaner from an accounting standpoint to commingle your personal and business funds. Never.
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