Q: Business closed in June 2024, but not filled. S-Corp, owes $85k for GE Taxes owed from 2019 to 2023. Do we still owe?
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A:
If your S-Corp closed in June 2024, the taxes owed from 2019 to 2023 are still your responsibility. The closure of a business does not eliminate tax liabilities that were incurred prior to the closure. The state or taxing authority will expect these amounts to be paid unless alternative arrangements are made.
You should review the details of the General Excise (GE) taxes owed, including any penalties or interest that may have accrued. It’s important to determine whether any filings were missed or if adjustments need to be made. In some cases, you may be eligible for payment plans or relief programs, depending on the taxing authority and your circumstances.
To avoid further complications, consider reaching out to the tax agency directly. They can provide detailed records and guidance on how to settle the debt. Addressing the issue sooner rather than later can help prevent additional penalties or enforcement actions.
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