tax question
I owe the Fed 16,570. plus pent. and int. for my business which closed Sept 31, 2007. When asked what position I held, I replied, part owner.
Next, I was asked if I could be held liable. She didn't use that term, she a term I didn't understand, to which I replied, ''I don't understand the question. In the end I replied ''yes, I guess''. Can I be held legally responsible? Can they levy my personal bank account's and put lien's on my personal property? My business was started in TX in 05, moved to NY and lived there up until bus closed. We currently reside in PA. Also, can I change my statement from yes to no? I also owe for my personal 1040, NY state for bus and personal as well as PA personal and property tax. Please Help !
1 Answer from Attorneys
Re: tax question
If you were a "responsible person" and as a part owner you are presumptively so, you can be liable for any and all taxes owed by the business. There even may be more than one responsible person in the business, but the taxing authority can go against any one of them. You have little recourse unless you can prove (A) you are not a "resonsible person" or (B) you had no control or authorization to do anything involved with these taxes.
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