Joint and several liability for firm taxes continues against partners, with retirement notice limiting post-retirement exposure. Partners and the firm are jointly and severally liable for any tax, interest or penalty under the Act. A retiring partner remains liable for amounts due ... Summary
Joint and several liability for firm taxes continues against partners, with retirement notice limiting post-retirement exposure.
Partners and the firm are jointly and severally liable for any tax, interest or penalty under the Act. A retiring partner remains liable for amounts due up to the retirement date whether determined or not; notification of retirement to the Commissioner in writing limits post-retirement liability, but if no notice is given within one month the partner's liability continues until the Commissioner receives the intimation.
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