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IRS is asking me to pay 500K for unpaid taxes

Discussion in 'BBS Hangout' started by windfern, Jul 27, 2007.

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  1. windfern

    windfern Member

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    I used to work for an IT agency and a year ago this company had filed chap 11 and was under investigation by IRS for some tax problems. I left this company because I moved here in Houston.

    Now I received a letter from IRS demanding me to pay a little over 500K. They told me that my previous company had listed me as one of the owners/directors. This is driving me insane.

    Any help is appreciated. Thanks.
     
    #1 windfern, Jul 27, 2007
  2. Lil Pun

    Lil Pun Contributing Member

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    Damn!
     
    #2 Lil Pun, Jul 27, 2007
  3. geeimsobored

    geeimsobored Contributing Member

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    I know very little to nothing about accounting but if you're considered an owner and the company wasn't incorporated (and instead was a limited liability corporation) then you pay the back-taxes as opposed to the company and only the company being held liable.

    Better figure out your status in the company (as an owner) and prove you weren't. FYI there's an incentive for the "real owners" to list as many people as possible as an owner in order to divide up the tax burden. But if you had any stock in the company, you're an owner.

    Take what I say with a grain of salt, I'm not an accountant.
     
    #3 geeimsobored, Jul 27, 2007
  4. dskillz

    dskillz Contributing Member

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    You are going to have to prove you were only an employee.

    But why would they list you as an owner? Sounds like some shady stuff going on.
     
    #4 dskillz, Jul 27, 2007
  5. windfern

    windfern Member

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    That helps.. :)

    Seriously, should I sue those bastards? Anybody had the same nightmare before?
     
    #5 windfern, Jul 27, 2007
  6. vlaurelio

    vlaurelio Contributing Member

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    gather all your previous paystubs.. they might serve as evidence that you were only an employee

    then consult with a tax atty
     
    #6 vlaurelio, Jul 27, 2007
  7. LonghornFan

    LonghornFan Contributing Member

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    Easiest solution-

    They say "Pay us 500,000.00!" :mad:

    You say "No way." :rolleyes:

    Then they go "Ugh!! OMG!!!" :mad: :mad:

    Then you're all TRADE ALSTON!!@juan
     
    #7 LonghornFan, Jul 27, 2007
  8. Pole

    Pole Houston Rockets--Tilman Fertitta's latest mess.

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    Even with COLA, half a million dollars exceeds my "seek advice from basketball BBS" threshold. I'd seriously consider getting professional legal advice.
     
    #8 Pole, Jul 27, 2007
  9. macalu

    macalu Contributing Member

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    who are you gonna sue? the company that went belly up?
     
    #9 macalu, Jul 27, 2007
  10. GRENDEL

    GRENDEL Contributing Member

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    Exactly, sounds like your going to need to get all your paperwork together and prove that you were an owner. Sucks but I'd contact the IRS ASAP and see what information they are going to need from you to get in the free and clear or else they'll continue to pursue
     
    #10 GRENDEL, Jul 27, 2007
  11. professorjay

    professorjay Contributing Member

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    Holy crap. Time to lawyer up. Gather any and all documentation from that job. Any chance you still have a copy of your contract (if there was one)? Sounds really shady, and this company is making everyone else take the fall. Looks like you're going to have to convince the IRS and put the onus on your former employer to prove you were part-owner.
     
    #11 professorjay, Jul 27, 2007
  12. Xerobull

    Xerobull You son of a b!tch! I'm in!

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    Time to get a tax lawyer, my friend. This isn't chump change.
     
    #12 Xerobull, Jul 27, 2007
  13. Falcons Talon

    Falcons Talon Contributing Member

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    I'll pony up the first jar of vaseline.
     
    #13 Falcons Talon, Jul 27, 2007
  14. windfern

    windfern Member

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    Thanks for all your help.

    I contacted an acct and tol dme that I need to fill up some document for this. I don't know exactly what he meant, he asked me to see him in person. I hope fee is not too expensive.

    I got all the payslips since 2000 with me ready. Good thing I didn't throw them away.

    So it's not really an option to sue a company that's bankcrupt. Makes sense. I just want to meet whoever implicated me and give him a wild kiss of my fist.
     
    #14 windfern, Jul 27, 2007
  15. Nice Rollin

    Nice Rollin Contributing Member

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    thats a crap load of money...
     
    #15 Nice Rollin, Jul 27, 2007
  16. calurker

    calurker Contributing Member

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    [Disclaimer]This is coming from a lawyer.[/Disclaimer] You need a tax lawyer, not an accountant. Get one ASAP.
     
    #16 calurker, Jul 27, 2007
  17. DonkeyMagic

    DonkeyMagic Contributing Member
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    yeah screw the accountant...get the tax lawyer.
     
    #17 DonkeyMagic, Jul 27, 2007
  18. Supermac34

    Supermac34 President, Von Wafer Fan Club

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    You are actually going to want a lawyer AND a CPA working on this.
     
    #18 Supermac34, Jul 27, 2007
  19. windfern

    windfern Member

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    Only guilty people hire lawyers. :D.

    I think the paychecks, bank statements and W2 are good enough evidence to clear myself up from this mess.

    The truth will prevail.
     
    #19 windfern, Jul 27, 2007
  20. SWTsig

    SWTsig Contributing Member

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    screw the tax lawyer... get a magician.

    and a wizard.
     
    #20 SWTsig, Jul 27, 2007
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