Business Debt, Collections Payroll Taxes

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lulu3669

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As president of an S-corp, I know I am personally liable for unpaid payroll taxes, but am I personally liable for the penalty and interest? This is city of Louisville payroll taxes. If there is a lien filed on my personal real estate, once I pay the taxes only, shouldn't that lien be lifted. The business is closed, and I have closed the tax account, but the business did not file bankruptcy yet, but may.
 
Short answer, if you in some way combined your personal business with company business or defrauded the tax department, you can be held personally liable for all of it.
 
What would an example of combining personal business and company business. I had employees, who ran the business, but only withdrew any money from the business one or two times, and in a very small amount. I only pulled a salary out of the business one or two years of the operation. I posted the income and losses to my personal income tax returns each year.
 
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