Nov 14, 2011, 09:19 PM
OK, this is a little bizarre and complex as well so I'll just state the facts. My dad is 90% and I am 10% in a sub chapter s corp in florida since 2001...I have always been active in the organization and he had always stated that I would take over upon his retirement but for now (2001- present) I would stay on the corporate papers as shareholder, earn my check each week, but not get the 10%. I would claim it and he would pay the taxes on it. That all worked out until 2008 when he started mismanaging the money. I now owe the IRS a total of 53,000, all of which is not my taxable income, I never saw any of it, but I signed the returns. The CPA knew this was going on, that I was claiming income that wasn't mine and that he was paying it. Also, our secretary knows as well as a few others. There's proof, like checks he wrote for the previous years. Can I get out of this obligation? Oh, and he is broke now, spent every last dime he ever made. If I need, I'll go to court ? CPA says they can't do an amendment but I think they simply don't want their involvement exposed. Any suggestions please, I am driving myself crazy worrying with this everyday.