I OWE CORPORATE TAXES
A corporation is a separate person than the owners of the corporation. A corporation usually is responsible for its own tax liabilities. However, where a corporation fails to pay payroll taxes to the United State or some excise taxes the individuals having responsibility for the payment of those taxes may be found by the Internal Revenue Service to have incurred a penalty for failing to pay the taxes withheld from the employees of the corporation. The amount of the penalty is the amount that was actually taken from the wages of the employees.
Sometimes a corporation is just an extension of the individual who formed the corporation and may be ignored.
It is very important to examine carefully the facts surrounding the individuals and the corporation. The duties of the individuals and their actions in attempting to have the taxes paid determine if they are held liable for the tax penalties for failing to pay the trust fund taxes.
The corporation may be a viable entity. The corporation may be profitable and have some assets. The Internal Revenue Service will attempt to collect taxes from the corporation and early intervention is critical in obtaining a good result for the corporation.