Hello!
I am a 50% principal owner of an S-corp that is operating a retail store. There is an outstanding federal payroll and state sales tax liability. It is likely that we will be ceasing operations of the store in the near future.
As 50% owner, am I only responsible for 50% of the outstanding tax liabilities? If the other party is unable to pay or files bankruptcy, will the IRS come after me for the entire amount outstanding?
My guess is yes, they will come after me for everything. Has anyone else been down this road and have any advice to offer?
Many thanks in advance.
I am a 50% principal owner of an S-corp that is operating a retail store. There is an outstanding federal payroll and state sales tax liability. It is likely that we will be ceasing operations of the store in the near future.
As 50% owner, am I only responsible for 50% of the outstanding tax liabilities? If the other party is unable to pay or files bankruptcy, will the IRS come after me for the entire amount outstanding?
My guess is yes, they will come after me for everything. Has anyone else been down this road and have any advice to offer?
Many thanks in advance.
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