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Court rules partners are INDIVIDUALLY liable for sales tax
Posted on 1/23/23 at 5:44 am
Posted on 1/23/23 at 5:44 am
Any reactions as until now the company "shielded" from this but many said that was a loophold.
I'm torn because I worry about the unwary partner.
LINK =
I'm torn because I worry about the unwary partner.
LINK =
9
Posted on 1/23/23 at 5:45 am to Eurocat
quote:
I'm torn
No you aren’t, you subhuman communist.
Posted on 1/23/23 at 6:39 am to Eurocat
If partners are responsible for running the corporation then why would they not be responsible for paying the required taxes.
Posted on 1/23/23 at 6:54 am to eng08
But individually if corporate doesn't do it?
Posted on 1/23/23 at 8:30 am to Eurocat
In an ongoing entity, isnt this just semantics?
Posted on 1/23/23 at 9:48 am to Eurocat
quote:
failed to timely file a New York sales and use tax return for the period December 1, 2014, through February 28, 2015
Geez. This generally takes a massive effort to do for that long. As in to the point where upper level management was likely involved, at least their controller, CFO, etc.
Posted on 1/23/23 at 9:51 am to Eurocat
sales tax enforcement is ruthless. in LA, they will shut your business down and absolutely sue the beneficial owners of any entity to make you personally liable. that's not the taxes i would screw around with 
Posted on 1/23/23 at 10:08 am to Eurocat
quote:
Court rules partners are INDIVIDUALLY liable for sales tax
Put it into context. This only comes into play when the business entity fails to pay sales tax.
I have no problem with this.
Posted on 1/23/23 at 2:47 pm to Eurocat
Yup. Responsible party.
Gotta read the docs before you sign them.
Just wait. Once IRS partnership audits under the new rules really start to take off, you are going to find that the "representative" listed on the tax return is gonna have a lot of obligation they probably don't want...
Also... sales tax is like payroll withholding. The agencies get real pissy with it, because it's not a company expense... it's simply the company is supposed to collect and remit as an agent of the government.
Gotta read the docs before you sign them.
Just wait. Once IRS partnership audits under the new rules really start to take off, you are going to find that the "representative" listed on the tax return is gonna have a lot of obligation they probably don't want...
Also... sales tax is like payroll withholding. The agencies get real pissy with it, because it's not a company expense... it's simply the company is supposed to collect and remit as an agent of the government.
Posted on 1/23/23 at 3:52 pm to lsujro
quote:
sales tax enforcement is ruthless. in LA, they will shut your business down
Even if you are in the ICU unconscious for weeks they will come in and shut your business down. Wouldn't reopen for like 3 days after they had their money and they had their money within an hour of two of someone who was conscious knowing about the situation.
Posted on 1/23/23 at 4:04 pm to LSUFanHouston
quote:
Also... sales tax is like payroll withholding. The agencies get real pissy with it, because it's not a company expense... it's simply the company is supposed to collect and remit as an agent of the government.
Yep. While I agree with it as a liablity, its bullshite for them not to be paying back more of the costs to collect and remit. I pay 2.5% credit card fees and I'm paid back $30 on the first $1000 of sales tax. I paid almost $7500 in CC fees just on my sales tax alone and got back a whopping $720 from the state DOR. If I'm going to be your agent, you should be taking on more of my expense.
This post was edited on 1/23/23 at 4:05 pm
Posted on 1/23/23 at 8:36 pm to Eurocat
What's the point of LLC?
Posted on 1/24/23 at 5:41 am to Eurocat
quote:Why?
I worry about the unwary partner
quote:In fact the court did not consider other managers liable.
because he was a member of the LLC, and because he was a person required to collect and remit tax under New York law
Posted on 1/24/23 at 11:32 am to baldona
quote:
I paid almost $7500 in CC fees just on my sales tax alone and got back a whopping $720 from the state DOR. If I'm going to be your agent, you should be taking on more of my expense
It seems like every time the state / parishes need a little more money, they shave that vendor comp down a bit...
Posted on 1/24/23 at 11:34 am to thelawnwranglers
quote:
What's the point of LLC?
Courts have essentially decided that an LLC does not absolve you from not performing duties required of you by a government agency, especially if, in theory, there isn't a business expense involved.
It's absolutely controversial.
Posted on 1/24/23 at 6:27 pm to Eurocat
Uh, this isn’t a “partner.” It is a member of a LLC. Haven’t read the case to see the reasoning, but I can tell you that many LLC members vastly overestimate the amount of personal liability protection provided by the LLC business form.
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