I was a previous owner in a failing business. When my personal finances were drained I was forced to sell it at a huge loss. I transferred all stock to the new owner.
I recently received a letter from the State on a Tax audit. Although I have paid the correct tax amount they beg to differ.
My question is, although I was the owner during the time of the assessed audit period, am I still liable for the taxes when I have sold all ownership interest to another party?
The business cost me around 400K to start and I sold it to him for 40K as is.
I recently received a letter from the State on a Tax audit. Although I have paid the correct tax amount they beg to differ.
My question is, although I was the owner during the time of the assessed audit period, am I still liable for the taxes when I have sold all ownership interest to another party?
The business cost me around 400K to start and I sold it to him for 40K as is.
