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


  1. It is nice to see an article dedicated to this important topic. Thank you for sharing.
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  2. Thanks for sharing useful information. Indeed IRS Settlement was a big pain and it almost screwed my future, poor credit score and all worse that can happen. Still i was lucky to find few experts that helped in my irs debt settlement, were experts and help me in IRS settlement quickly. I was helped, hope you will too.