Friday, March 30, 2012

941 taxes: Statute of Limitations for Sole Proprietorships

Unlike the example below - with corporations and some LLC's - where there can be a very limited statute of limitations to collect, sole proprietorships who ring up 941 tax debts have a long statute before the taxes expire:  10 years.  They receive the same treatment as 1040 tax debts which also have 10 year statutes.

On the good side, 941 debts created by sole proprietorships are often easier to deal with and can be lumped in with 1040 debts in Offer in Compromises.

Owe 941's -- talk to a tax expert:  Marty Griffith, Washington Tax Services 1-866-525-7324

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