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Financial Planning / Tax Strategies
|Subject: Re: Social security and payroll tax witholding||Date: 5/18/2013 1:33 PM|
|Author: hotpepperaddict||Number: 118607 of 121096|
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 been discussed - interestingly this offer was made only days before the newspaper article).
I guess the bottom line is, will I be out of a job come September?
I know every situation is different and there is no way anyone can accurately know how this will all pan out, but I am looking for general trends in these types of cases.
The employer is claiming this is a personal matter and is not open to discussion as to the future of the business. I can understand their reluctance, but 50 or so people are at their mercy. Am I blowing this out of proportion? Making a mountain out of a mole hill? Beating a dead horse? ......
Thanks again for any insight.
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