Employment Tax Penalties
June 29th, 2010
Question: Employment Tax Audit on Closed Business?
i received a forwarded letter from edd to inform me of an employment tax audit on my closed business. My corporation has been closed for several months. EDD wants my former corporation to pay 40k in tax penalties. What are my options? I no longer have this business.
Answer: As an officer and/or majority shareholder of the defunct corporation you are liable for any unpaid taxes. With this much money at stake, you’d be wise to consult with a local CPA or EA, and possibly an attorney.
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Tags: business, employment tax penalties, healthcare, irs, self_employment, tax