bankruptcy and employee taxes
admin | Mar 30, 2010 | Comments 2
hello,
we are filing for personal bankruptcy (the boards 7) I had a business under my name and we lost the business and we have business debt and personal debts that we used for the business…we also owe money on the 941s..the worker taxes….about $19,000 /-
we got collectively with a field officer of the IRS and he brought the amount down to 10,000 /- if we paid in 4 months or so….which he called the “trust fund”..so i got in touch with the IRS and we still owe about 8000 or so….and now we are wondering …is this remaining 8000 going to make discharged under the bankruptcy or no?? I am going to question my attorney…but I just thought about it and I sought after to see if anyone knew… thank you very much
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Filed Under: Bankruptcy
I’m doubting that it will…when you owe money to the government they don’t usually let them go unles the debt is like 7 or more years ancient. I had a bankruptsy and my student loan was not included.
I am assuming from your sketchy narrative that you operated a corporation that owes the $19,000. The $10,000 represents the section of the total that was withheld from worker’s wages. The rest is the employer half of social security and medicare positive penalties and interest. An amount equal to the unpaid withheld taxes can be assessed against you personally. It cannot be discharged in bankruptcy. You will not be held liable for the remained of any corporation liability. Unless there are a lot of other debts, it may be worthwhile to consider not filing bankruptcy. I represent clients with tariff debts professionally. If you want additional information, you can email me through my profile.