Hi Geor-ga
Without more information about the specifics, I can't give you an
absolutely definitive answer.
However, the corporation is responsible for the taxes - not you.
If you buy the company, as in their stock, business name, etc,
you will take over their liability. And then, you WILL be
responsible.
Simply buying their assets, you should not have any responsibility
for their taxes.
If IRS or the State of Michigan has a lien on those assets,
it's likely that they will take the money you pay the company
and use that money towards their debt.
If there is a lien filed, it is in the public records.
If you are the least bit concerned, you may want to contact
the taxing authorities before you make the purchase.
It's likely that they will want your payment for those
assets to go to them. You may even be able to open an
escrow account to hold those funds until the seller and
the government sort out their issues.
But, I wouldn't do that without working with the seller.
Work with the seller to communicate with their tax collectors.
If you are still skittish, don't make the purchase.
Typically, in my experience with IRS collections issues, they
won't follow you. They will follow the money. So, if you paid
the bucks for the equipment, they'll go to the company who
got the money.
Good luck,
Your TaxMama-ga |
