Payroll Tax question
I understand the statute of limitation on most tax issues is either 3 or 6 years. But the question I have is does that apply to businesses as well?
If you were an owner of a small business, and did not pay certain payroll or income taxes, what legal actions does the IRS have if the actions happened more than 8 years ago?
1 Answer from Attorneys
Re: Payroll Tax question
The Statute of limitations also applies to businesses. Remember, the Statute of Limitations only starts running on the date the return is due or the actual date of filing, whichever is later. If you have not filed a return, the Statute of Limitations does not start running.
Also, the Internal Revenue Code punishes officers of a business by making them liable for the so-called "trust fund" penalty.
You should immediately contact a tax lawyer!
I hope this helps!
Ron Cappuccio
http://www.TaxEsq.com
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