Friday, August 16, 2013

Three YEAR rule for assessment of 941 Payroll Taxes. Is the IRS pursuing a ghost?

As we have written on the 941 blog before - if a corporation closes owing 941 payroll taxes and three years pass by, the IRS forfeits its opportunity to assess the tax liability against the owners. Back in 2007, we guided a cleaning company to dissolve their corporation back. That company had about $100,000 in 941 payroll tax liabilities. Six years later - just last week - the IRS called to collect the debt from them. We indicated to the IRS agent- "you missed your opportunity to assess." The agent reviewed the file and came to the same conclusion - "you're right."

The case was easily resolved by us disclosing to the IRS that the business had no assets when it closed and that was it! Don't forget folks - when you have a corporation, partnership or LLC (with multiple members) - the three year rule always applies. The IRS has to assess the owners personally within three years of the debts. Otherwise - the liability dies with the entity!

What kind of entity do you have? Corporation, partnership, LLC, sole prop? What kind of 941 payroll tax liability do you have? Call us at 888-282-4697 or EMAIL us HERE and we'll contact you! Staff of Washington Tax Services


7 comments:

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  2. This is a great article. I really wanted to learn about a IRS wage garnishment because it is a method of the IRS taking money when someone does not pay taxes. I study law so I am very interested in wage garnishments and how they are used.

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  3. There must be a transparency for IRS so that tax payers will know where and how their tax are spent or processed.

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