Legal Question in Tax Law in Mississippi

I am President of a small company. I filled out the tax forms and sent them in. There is no money to pay them now. What personal liability do i have ?


Asked on 10/27/10, 6:02 am

1 Answer from Attorneys
Wayne Woodall Wayne Woodall Attorney

YOU ARE 100% LIABLE FOR ALL CORPORATE TAXES. IF YOU DEDUCTED MONEY FROM EMPLOYEE'S CHECKS AND DID NOT REMIT IT WHEN AND AS REQUIRED THERE IS AN ADDITIONAL 100% PENALTY FOR THOSE FUNDS TOO. THE PENALTY IS 25% THE FIRST MONTH AND 5% A MONTH THEREAFTER PLUS INTEREST

Read more
Answered on 11/02/10, 7:12 am


Related Questions & Answers

More Tax and Taxation Law questions and answers in Mississippi