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Old 11-20-2014, 01:37 PM
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taxguykarl taxguykarl is offline
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Join Date: Aug 2008
Location: Chicagoland (South suburbs)
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Quote:
Quoth sirwired View Post
While secured loans are above payroll, and payroll is technically lumped in with all other unsecured non-tax debt
Tax debts are, of course, expempt from bankruptcy. If the withheld taxes are, in fact, paid from whatever assets the BK estate has; then the employees are off the hook. As the restaurant is losing money (at least on paper) there would be no business income taxes--sales taxes due to MN, but no income tax.
IOW, this situation stinks!
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Last edited by taxguykarl; 11-20-2014 at 02:19 PM.
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