How Good People Solve Bad IRS Problems - Nick Nemeth - Manual / Resource - Page 50
End Your IRS Problems
free consultation, and we’ll see if I can help you solve
your Payroll Tax problems.
If you decide to try and go it alone ... look in the
mirror -and at your current profit and loss statements
-be sure it makes good sense to stay in business.
If you think it does, you must be able to make ALL of
your upcoming Payroll Tax deposits on time and pay
them in full ... before you consider how you are going
to be able to sell the IRS on an acceptable payment
schedule for your overdue Payroll Taxes.
If you can’t make your current Payroll Tax deposits,
it may be time to fold your tent and move on.
Do not fight with a broken business model that
is not working. Just realize this happens to good
businesspeople every day, learn from it, and move on.
(Many millionaires have had Payroll Tax problems at
some time in their business careers.)
How to Handle Payroll Taxes for a Closed Business
If your business is a corporation, the IRS will first
look to the corporation to pay the Payroll Taxes and
then try to hold others personally responsible. The IRS
refers to such parties as “Responsible Persons.”
If the IRS has identified you as a “Responsible
Person,” they will target your personal assets and
income to pay the trust fund portion (those federal
withholding amounts you withheld from employees’
paychecks) that the corporation owes to the IRS.
It’s important to point out that you should vigorously
fight any attempts by the IRS to identify you as a
“Responsible Person.” You should be advised that your
best choice is to retain an experienced attorney to help
you. You are the worst person to defend yourself in
this type of situation.
Assuming the worst-case scenario ... the IRS has
successfully determined that you are a “Responsible
Person,” and they want their money ... you will need
to figure out which of the “options” discussed in this
book will help you the most. Or you can call me for a
free consultation, and we can do that together.