I own a fire protection company that does around 4 million a year. It is a c corp. We are $500,000 behind in payroll taxes. Our business is picking up substantually and I believe we will make it through this extreme situation.
Can you help me?
What is the best way to work this out with the IRS?
We see it in business all the time, too. I mentioned before the young hot-shot Real Estate lawyer in Virginia who seemed to do no wrong. He came from the "right" family, went to the "right" schools, got top grades, joined the "right" firm and gradually worked his way up - starting his own law firm which became wildly successful.
Then the unthinkable happened - a Real Estate investment scheme of his started to unravel. Rather than take a loss of a million dollars, which by then he could easily afford to do (although it would have set him back a few years) he decided instead to "borrow" money from client fund accounts - after all, he was the Golden Boy and could not fail! But of course, this just took a small failure and amplified it many times.
By the time the scheme was uncovered, tens of millions of dollars were lost - and most of it client funds. Not only did his business collapse, but he lost his job, his law license, his law firm, and was sued and sent to jail to boot. And all to avoid a small failure - he created a huge one.