YOU Are Guaranteeing Your Company’s Tax! (Talking Tax)
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New Twists in the GET Protection Act. The host for this episode is Jay Fidell. The guest for this episode is Tom Yamachika.
One of the provisions in Act 155 of 2010, the “GET Protection Act,” says that if GET is owed by a business entity and the entity doesn’t pay it, the department can go after “responsible officials“ of the company, basically meaning anybody who could’ve signed a company check, and collect the tax as a personal debt of any of those individuals. Meaning that the individuals, whether or not they wanted to, are guaranteeing the debt of the company.
Normally, if the Department and you have a dispute over whether you owe GET, the Department will “assess” the tax, and you have the right to appeal from the assessment. In this case, however, the Department said that the tax was already assessed against the company, and it doesn’t have to assess again when it turns to a responsible person to collect it. According to the Department, the only way to get a court review of “responsible person” liability is to pay the tax in full and then sue for a refund once the State has the money.
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