Businesses in Ohio fall behind on sales taxes more often than you might think. Many people assume that when a company has unpaid taxes, the business entity is liable for the arrears. The fact is, however, that the state of Ohio may hold the responsible officer of the corporation, such as the CEO or CFO, personally accountable for the taxes due. Our law firm fully understands state and federal tax codes and has provided valuable guidance to many responsible officers in taxation matters.
If your business goes bankrupt, or if it falls behind on sales taxes for any reason, you will receive an estimated sales tax bill from the state. It is not uncommon for recipients of such a notice to ignore this bill, assuming that the business is responsible for back taxes. However, Ohio law specifically states that the employees, trustees or officers of a business or corporation that fails to pay taxes or file returns are personally accountable for unpaid liabilities.
You have just 60 days to respond to the state’s notice. Failure to respond does not free you of the burden but rather, permanently saddles you with it.
Our law firm understands that things happen, and a business can go from successful to bankrupt in a matter of months and through no fault of the responsible officer’s. We inform CEOs, CFOs, trustees and other responsible officers of their rights and responsibilities and do what we can to ensure they are fully protected from additional sanctions. If you have concerns regarding a taxation matter, you deserve the peace of mind that comes with experienced representation.