Tax Policy & Finance

One of the Many Changes in Tax Administration: Liability of Successor Businesses

The end of 2014 and the beginning of 2014 have resulted in a number of changes in tax administration. One of the many areas of change is liability for taxes of successor businesses. If your company purchases all the assets of another business, it may be held liable for the unpaid taxes of the predecessor corporation. However, until February of this year, the prior corporate officers were also liable for unpaid taxes.