QUESTION
Can a state take personal assets if our company owes taxes? How?
Asked on Jun 09th, 2015 on Litigation - New York
More details to this question:
Can the state take personal assets from us for a company that we owned that owes the state? The company was a corporation. Thanks.
12 ANSWERS
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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If you wrongfully took assets from the corporation for yourselves instead of paying the government, then yes.
Answered on Jul 27th, 2015 at 2:51 PM
Ronald A. Steinberg
Was your company a corporation? I think you need to talk to your corporate lawyer or your tax advisor. If I am an employee of a company, not an officer or director, the company's debts, including taxes, are not mine. But if I am running a company like it is my own toy, and am using company assets to buy personal stuff, then the personal stuff is really owned by the company, and therefore is an asset of the company, and can be attached to pay debts.
Answered on Jul 27th, 2015 at 2:51 PM
Lisa Hurtado McDonnell
Yes, they generally start with liens against your bank accounts.
Answered on Jul 27th, 2015 at 2:50 PM
Chapter 7 Bankruptcy Attorney serving Syracuse, NY
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Andrew T. Velonis, P.C.
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You ran a company, you owe taxes, and now you are looking for freebies on the 'net. Wow.
Answered on Jul 27th, 2015 at 2:50 PM
Plaintiff Animal Bites Attorney serving Missoula, MT
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Bulman Law Associates PLLC
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Depends but the question is whether the amount of money they levied justifies hiring and attorney to argue about it?
Answered on Jul 27th, 2015 at 2:50 PM
If the company was properly incorporated and not used for fraudulent purposes, the only assets that can be taken are those put into the corporation.
Answered on Jul 27th, 2015 at 2:50 PM
You generally are not liable for your corporation's debts. But there are exceptions, such as unpaid payroll taxes, etc. I do not have enough facts to answer your question.
Answered on Jul 27th, 2015 at 2:50 PM
Personal Injury Law Attorney serving San Diego, CA
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Law Office of Robert Burns
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This is obviously not a personal injury matter. I don't practice much tax law, but elementary corporate law is that actions of corporate personnel bring liability to those individuals and the corporate and the corporate veil can be pierced where shareholders disregard its formalities.
Answered on Jul 27th, 2015 at 2:50 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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It depends on the type of taxes. Taxes that the corporation collects from others (employee withholding and sales taxes, for example) may be collected from the owners of a small corporation. Taxes imposed on the corporation itself (property taxes and income taxes) cannot be collected from the owners.
Answered on Jul 27th, 2015 at 2:50 PM
James Eugene Hasser
Consult a tax lawyer and/or your accountant. Good luck.
Answered on Jul 27th, 2015 at 2:50 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Generally, the owners of a corporation are personally liable for certain taxes, such as withholding taxes and Unemployment Compensation. There is more than one way of approaching the problem of tax claims which are too high for you to pay. You could consider filing an Offer in Compromise, for example. Discuss the problem with a CPA who specializes in taxes. Good Luck.
Answered on Jul 27th, 2015 at 2:50 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Commonly yes as there is officer's liability.
Answered on Jul 27th, 2015 at 2:50 PM