Bankrupt withholding taxes?

Bankrupt withholding taxes?

"Chris"	3/9/2005 10:25:02 PM
I was wondering, and I hope someone can help, if it is possible to bankrupt withholding taxes accessed against me 13 years ago. I owned a corporation that went out of business 13 years ago and at that time I hadn't paid the employee withholding taxes owed, which amounted to about $100,000.00 after penalties etc. I was wondering if this tax liability could be bankrupted by me personally. And, if it can't; if I go bankrupt and the judge dismisses the debt anyway, can it ever be brought back by the Gov. and reversed. Or, if a judge dismisses the debt, whether he should have or not, is it gone for good? Any help would be appreciated.



sufaud	3/11/2005 9:23:30 PM
On 10/3/05 3:25 am, in article tuev2197hho5v0lif76otm2j1c7nnfhpa9@4ax.com, "Chris" <christophercraven@comcast.net> wrote: I owned a corporation that went out of business 13 years ago and at that time I hadn't paid the employee withholding taxes owed, which amounted to about $100,000.00 after penalties etc. It looks as if you were assessed what was known as the "100% penalty". This (and trust fund taxes generally) cannot normally be discharged in bankruptcy. But there is a statute of limitations, 26 USC 6502. Generally ten years after assessment (certain exceptions apply, and the SOL will not affect validity of any liens and levies -- but your tax advisor should be able to get them released in many or most cases) "(a) Length of period "Where the assessment of any tax imposed by this title has been made within the period of limitation properly applicable thereto, such tax may be collected by levy or by a proceeding in court, but only if the levy is made or the proceeding begun "(1) within 10 years after the assessment of the tax, ..." http://tinyurl.com/6hvz3 http://tinyurl.com/4za29 http://www.irs.gov/irm/part25/ch06s21.html



"John A. Weeks III"	3/11/2005 9:25:11 PM
In article <tuev2197hho5v0lif76otm2j1c7nnfhpa9@4ax.com>, "Chris" <christophercraven@comcast.net> wrote: I was wondering, and I hope someone can help, if it is possible to bankrupt withholding taxes accessed against me 13 years ago. I owned a corporation that went out of business 13 years ago and at that time I hadn't paid the employee withholding taxes owed, which amounted to about $100,000.00 after penalties etc. I was wondering if this tax liability could be bankrupted by me personally. And, if it can't; if I go bankrupt and the judge dismisses the debt anyway, can it ever be brought back by the Gov. and reversed. Or, if a judge dismisses the debt, whether he should have or not, is it gone for good? Any help would be appreciated. What does your attorney say? If this was a corporation, then the corporation owes the taxes, not you. The corporation has to deal with it, perhaps by going bankrupt and shutting down. If you were an officer of the corporation, you can sometimes be held liable for things that the corporation did while you were an officer. Has there been charges file against you? Has someone notified you that you were being held liable for the corporation? In any event, $100K should be enough to get your attention so you go out and hire a tax attorney. -john- -- ====================================================================== John A. Weeks III 952-432-2708 john@johnweeks.com Newave Communications http://www.johnweeks.com ======================================================================

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