The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Social security and payroll tax witholding||Date: 5/18/2013 1:33 PM|
|Author: hotpepperaddict||Number: 118607 of 123001|
Phil (mainly) and others,
the wheels in my brain just keep just keep turning...
After the sentencing in September, if I am understanding this right, the IRS will then seek to collect on the $4.7M (plus interest and penalties?).
Regardless of the final amount, if they do not have that much money lying around, how will this likely pan out?
Will the IRS seize assets and proceed to auction? This would effectively shut down the business, wouldn't it? If so, would I have an opportunity to purchase any assets, or would they just go to some government clearing house?
Or would they allow her to set up a payment plan and things would be business as usual for the employees?
If given an opportunity to purchase the branch I work in, would I be better off to make a move now, or wait until after sentencing?
(an asset only purchase was offered but no numbers have b