Legal Question in Business Law in Illinois
My friend works in his own company and for tax year 2010, he said that he owed $100,000 in taxes, but did not received enough wages during 2010 to owe such a tax debt. My question is, what legal stance if any, should or does my friend have for paying such a large tax bill without earning wages to validate the bill.
2 Answers from Attorneys
This is a bit too vague to be answered. Also, the situation is probably more a function of tax accounting then law
As a Franchise Attorney I agree with the other attorney answer.Your friend should show his tax year 2010 records to a CPA or other tax professional to see what his actual tax liability is. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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