Partner liability: partners remain jointly and severally responsible for a firm's tax obligations, with retirement notice requirements. Where a firm is liable for tax, interest or penalty, the firm and each partner are jointly and severally liable; a retiring partner remains liable for ... Summary
Partner liability: partners remain jointly and severally responsible for a firm's tax obligations, with retirement notice requirements.
Where a firm is liable for tax, interest or penalty, the firm and each partner are jointly and severally liable; a retiring partner remains liable for liabilities up to the retirement date unless written notice of retirement is given to the Commissioner, and if no notice is received within one month the partner's liability continues until intimation is received.
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