Closing Business; What about Payroll Taxes?

[StewartPaddaso]

My wife and I are closing our business (actually the bank will take it over) and filing for bankruptcy. (in IOWA) We did not have employees for very long this last quarter, but we did have some payroll taxes owed. The problem is that we have NO MONEY!!!

2 Questions:

1) Is there anyway OUT of paying these taxes? ($2500.00)

2) If we do HAVE to pay...Are there any suggestions as to handling this matter with the government? (ex: Payments; Settlements; How long until they come and put you in jail?)

Thanks!

 

[David_Staub]

You may be able to settle with the IRS if you are truly unable to pay. As responsible parties, you are certainly liable and the IRS is very aggressive about collecting "trust fund" taxes, but it is worth asking.

Chances are slim that they will put you in jail but chances are very good that they will levy your assets if and when you have something of value.