If the IRS puts a Levy on an S Corp and it is closed and has no assets, can IRS Levy the sole shareholder? The Levy is for late filing penalty for the final S Corp return, taxpayer had reasonable cause (health) but IRS has ignored thier request for relief.
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Last time I looked at it, the late filing penalty for an S-Corp is only assessed at the corp level - no shareholder liability. If the corp has no assets, then that's the end of it."The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith -
You may have to look at any distributions made in the final year, the shareholder could be at risk up to that amount.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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Thank You, thats a good point.Comment
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