Legal Question in Tax Law in Illinois

I sold a business 2.5 years ago, C-corp and I sold all shares. The gentleman that purchased it is in financial trouble. The sales tax returns were filed and up to date as of a month prior to the date of the sale. He accepted all liabilities. Now the state of Illinois is doing a sales tax audit and they want ME to supply documents/day sheets that went with the business. I obviously do not have these, they went with the business (16yrs of paper). Can I be held personnally liable for any of these taxes. Corp is still in business with extensive assests, but lossing money. Should I just ignore them, or referre them to the accountant/old attorney


Asked on 6/20/10, 7:40 am

1 Answer from Attorneys
Betty Tsamis Tsamis Law Firm PC

You mentioned an "old attorney." I take it this reference is to the attorney that represented you during the sale and transfer of stock and assets. You should contact this person as soon as possible and not ignore the tax authorities who are seeking information from you.

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Answered on 6/24/10, 7:51 am


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