Joint and several liability of partners continues for firm tax debts until a retirement notice is received. Where a firm is obligated to discharge tax, interest or penalty, the firm and each partner are jointly and severally liable. A retiring partner remains ... Summary
Joint and several liability of partners continues for firm tax debts until a retirement notice is received.
Where a firm is obligated to discharge tax, interest or penalty, the firm and each partner are jointly and severally liable. A retiring partner remains liable for amounts attributable up to the retirement date unless a written intimation of retirement is given to the Commissioner; absent intimation within one month, that liability continues until the Commissioner receives notice.
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