Smith Corp. has not been doing well. CEO John Smith has been using the taxes withheld from employee wages to pay for operating expenses. As a result, the company has accrued $50,000 in employment tax liabilities. He's come to you as a tax advisor. Can the IRS hold the Mr. Smith personally liable for any or all of the company's employment tax liabilities? Briefly explain why or why not?

 

Answer rating: 100% (QA)

Yes the IRS can hold Mr Smith personally liable for some or all of the companys employment tax liabi... View the full answer