Partner liability: partners are jointly and severally responsible for their firm's tax obligations, including pre-retirement liabilities. Partners are jointly and severally liable for any tax, interest or penalty owed by their firm; a retiring partner remains liable for obligations up to the ... Summary
Partner liability: partners are jointly and severally responsible for their firm's tax obligations, including pre-retirement liabilities.
Partners are jointly and severally liable for any tax, interest or penalty owed by their firm; a retiring partner remains liable for obligations up to the retirement date unless the firm or partner notifies the Commissioner in writing, in which case liability ceases upon receipt, but if no intimation is given within one month the retiring partner's liability continues until the Commissioner receives notice.
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