Am I personally responsible for my LLC’s back taxes?

I have back taxes both personally and from my LLC that is no longer in business due to the economy. I have a ton of back taxes that I am trying to set right at this time. Am I personally responsible for back taxes on my LLC? Can they garnish my wages, etc from it? If I file an offer in compromise, do I do on just the personal or on the LLC as well?

Originally posted 2010-04-26 00:57:42. Republished by Blog Post Promoter

,,Are members of a non-profit board of directors personally responsible for $$$ owed to the IRS for late taxes? ,If I am an officer of a corporation and the Corp. has a lien on it , am i liable for the taxes personally? ,If I get married, do I become responsible for back taxes my new husband owes? ,I live in California. When I marry my boyfriend will I be responsible for his back taxes? ,If a home has been foreclosed how is the original owner responsible for back taxes? ,

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Comments (3)

 

  1. Max Hoopla says:
    April 26, 2010 at 1:07 am

    The answer is somewhere between yes and partly depending on how things were set up. You probably need professional help in sorting things out.

  2. Daivim D says:
    April 26, 2010 at 1:49 am

    Yes you are personally liable if you have a single member LLC. A single member LLC is regarded as a sole proprietorship. If it is more than 1 member, it is considered a partnership and all partners are liable for back taxes.

    You will do an OIC only on personal if it is a single member LLC. All activity flows through on your 1040. However, I would recommend that you do not do an OIC yourself. You should have an EA, CPA or a Tax Attorney file it for you. A Tax Attorney is not necessary unless your situation involves the Tax Court.

    You can look for an EA or hire a Tax Resolution firm like http://www.kktaxes.com or search on naea.org

  3. Byrne H says:
    April 26, 2010 at 2:01 am

    Yes. Fortunately, there are tax sites that focus on helping people pay their prior year taxes. You can use the site I’ve linked below to figure out how much you owe and how you can get it paid (you may even be able to settle for less than the usual amount!).

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