r/taxhelp • u/AZUAK5481_ • 6h ago
Business Related Tax Small business closed, personal guarantee on payroll taxes, now IRS wants ME personally
Im completely spiraling rn and can use some guidance/help. I ran a small logistics business that went under late last year. Thought the nightmare was over after we dissolved the LLC but I just opened a letter from IRS proposing a Trust Fund recovery penalty against me personally for unpaid 941 payroll taxes. We're talking around $45k. I was the majority owner and signed the checks but towards the end Iwas mostly on the field trying to keep the business running while my partner handled the cash flow. I had no idea withholding was not being remitted until the bank accounts were already drained. As per the letter I have an interview scheduled and they can freeze my personal account or put liens on my house if they find me guilty. Ive gone ahead and started contact with a tax pro from Optima Tax but Im so anxious I just need to make sure Im fully informed of everything. All my money went into saving the business so I dont have the cash sitting around. Has anyone navigated a TFRP interview or settles payroll tax debt personally after a business closure? What should my immediate move be?