In most cases, a financially troubled business will face some difficult choices, including which creditors to pay and which to defer. The Federal and State taxing authorities are often among these creditors. As we have seen on other occasions, a business’s decision to defer the payment of State taxes may have significant legal and, ultimately
dissolution by proclamation
Dissolved By The State; Rejected By The Tax Court.
By Farrell Fritz P.C. on
Posted in Federal Tax Issues, State Tax Issues
It’s great to be in business when things are going well. When things start to go badly, however, they can quickly cascade out of control, with reduced cash flow leading to the diversion of trust fund taxes, like sales and employment taxes, toward the payment of business expenses. Additionally, a struggling business owner in need…