Legal Question in Tax Law in Georgia

My business (llc with 25% ownership) filed bankruptcy in 2010. I took out draws in access of $300,000. I did file a personal tax return jointly with my wife but did not include any of the income/draws from this business. I was told that the trustee would file the taxes on the business and distribute out a K1 which once received i would need to amend the taxes.

2-1/2 years later the trustee CPA said they will not file the taxes on the company due to the complexity of the business.

My question is am I liable to report this 300k with the IRS?

Any advise on how to handle this situation?

Asked on 10/30/13, 10:22 am

1 Answer from Attorneys

Scott Riddle Law Office of Scott B. Riddle, LLC

Get a CPA to handle your taxes.

Read more
Answered on 10/30/13, 10:34 am

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