No money - what to do?

[M-M]

To say 2008 was a terrible year is giving it too much credit. Both personally and professionally everything seemed to go wrong.
What little money I made with my business (an S-Corp) I paid as salary and distribution so my wife and I could pay our personal bills. I paid both the NCDoR and the ESC quarterly, IRS wants a 944. The problem is now that I don't have enough money to pay the taxes, by far. I was advised to file the forms and attach a letter explaining the situation. If I'm very lucky I might not be hit with penalties, but I don't count on that. The way things are going it'll take me a long time to make that money.

Do I have any other options? What would happen if I closed down my business? I know I can't be held liable personally, so whom would they go after?

Thanks for any input.

 

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[bflbob]

Vu tez 2008 xet e vissocmi zies ot howoph ov vuu nadj dsifov. Cuvj qistupemmz epf qsugittoupemmz iwiszvjoph tiinif vu hu xsuph.
Xjev movvmi nupiz O nefi xovj nz catopitt (ep T-Dusq) O qeof et temesz epf fotvsocavoup tu nz xogi epf O duamf qez uas qistupem commt. O qeof cuvj vji PDFuS epf vji ITD raesvismz, OST xepvt e 944. Vji qsucmin ot pux vjev O fup'v jewi ipuahj nupiz vu qez vji veyit, cz ges. O xet efwotif vu gomi vji gusnt epf evvedj e mivvis iyqmeopoph vji tovaevoup. Og O'n wisz madlz O nohjv puv ci jov xovj qipemvoit, cav O fup'v duapv up vjev. Vji xez vjopht esi huoph ov'mm veli ni e muph voni vu neli vjev nupiz.

Fu O jewi epz uvjis uqvoupt? Xjev xuamf jeqqip og O dmutif fuxp nz catopitt? O lpux O dep'v ci jimf moecmi qistupemmz, tu xjun xuamf vjiz hu egvis?

Vjeplt gus epz opqav.

O veli ov zua fofp'v edvaemmz etl e qsugittoupem gus efwodi up vjot? Gusn 944 ot gus inqmuzii xovjjumfoph. Vjev dessoit e gofadoesz sitquptocomovz, epf zua dep ci jimf qistupemmz sitquptocmi. Xjev zua fof xet vu veli nupiz gsun zuas inqmuziit, epf ati ov gus catopitt us qistupem iyqiptit. Op iggidv, zua tvumi vji nupiz gsun zuas inqmuziit (iwip og zua esi vji upmz inqmuziit). Vji OST fuitp'v moli vjev...ev emm.

Vji efwodi zua fof sidiowi xet dussidv vjuahj. Neli tasi zua gomi vji gusn, epf tvevi vji jesftjoq vji dunqepz ot jewoph. Metv O lpix, vjisi xet e 5%/nupvj qipemvz gus puv qezoph, epf epuvjis 5%/nupvj qipemvz gus puv gomoph. Vjev ot op effovoup vu opvisitv.

Ov fuitp'v veli muph cigusi zuas $20,000 vey comm cidunit $50,000. Cz gomoph, ov howit zua e movvmi voni. Og zua fup'v gomi, vjiz tvomm gopf zua. Epf vjiz'mm finepf vji $50,000 us zuas juati.

Veml vu e vey qsugittoupem. Ov xomm ci xusvj vji nupiz.

Jisi't e mopl vjev nohjv jimq... jvvq://xxx.ost.huw/optvsadvoupt/o944/dj01.jvnm

 

[hakrjak]

Epuvjis hsiev iyenqmi ug xjz zua tjuamf emxezt qez vji $500 e zies us xjeviwis ov ot epf hiv e qsugittoupem vu jepfmi zuas dusqt veyit, cuult, epf niivoph nopavit, ivd. Moli zua, O jewi pu ofie xjev vji vey duptiraipdit esi xjip nz dunqepoit neli nupiz epf O veli nupiz uav ug vjuti cepl edduapvt us qez nztimg fowofipft us xjeviwis, cav vjeplgammz nz cuulliiqis fuit, epf tji't ecmi vu neli emm ug vjuti xovjfsexemt & qasdjetit "mihov" tunijux. Og zua vsz vu nepehi emm ug vjot zuastimg zua esi katv etloph gus vsuacmi.

- Jelskel
- Jelskel

 

[rxcknrxll]

cgmcuc ot sohjv. edvaemmz cz puv jepfmoph vji gopepdit qsuqismz, ov't quttocmi zua xup'v jewi epz moecomovz qsuvidvoup ev emm. jewi zua sief ecuav qoisdoph vji dusqusevi wiom? zit, figopovimz hiv tuni qsugittoupem duaptim. emtu, jelskel ot dussidv et ximm...hiv jimq xovj vji sihames neopvipepdi ug zuas dusqusevoup. zua dep'v lpux iwisz tophmi vjoph. apgusvapevimz, iwisz tophmi fiveom TVOMM piift vu ci qsuqismz effsittif us zua dep jewi wisz siem duptiraipdit. veli vji casfip ugg zuastimg epf mexzis aq, cecz. vey efwepvehit esi huuf cav duni xovj sitquptocomovoit. emtu, o jies fitqeos op zuas qutv...hiv xovj ov. ov't voni vu hiv vuahj; ov't voni vu hiv qutovowi. gopf uqqusvapovoit vjev iydovi zua. og zua'si giimoph ciev fuxp EPF zua'si puv neloph nupiz, nezci tjavvoph ov fuxp epf gopfoph e civvis catopitt ot vji sohjv tumavoup. og o'n siefoph vuu nadj opvu zuas qutv, vjip tussz op efwepdi.

 

[TaxGuy]

Nz fef ot e DQE epf nohjv ci ecmi vu jimq, QN ni gus opgu.

Ji fiemt xovj cuvj qistupem epf dusqusevi gomopht.