Below is information about CORPORATE OFFICER TAX RESPONSIBILITY from a variety of sources. Please take a look at the materials that our team has selected for you.
https://www.michigan.gov/taxes/coll-audit/collections/corporate-officer-liability-frequently-asked-questions#:~:text=Corporate%20Officer%20Liability%20%28COL%29%20refers%20to%20holding%20an,for%20unpaid%20tax%20debts%20accrued%20by%20a%20corporation.
https://www.stimmel-law.com/en/articles/corporate-officers-duties-and-fiduciary-responsibilities
If you are a corporate officer, whether salaried or not, you have a fiduciary duty to the entity and you must act with that in mind in all your actions, including business deals involving unrelated third parties. That does not mean you cannot make a mistake; but you cannot act unethically and favor yourself over the corporate interests.
https://legalbeagle.com/6295947-duties-responsibilities-corporate-officers.html
Officers' responsibilities vary depending on what powers the corporation has specifically given them. Officers are agents of the corporation, and, therefore, they have fiduciary duties to the corporation called the duty of loyalty and the duty of care.
https://www.michigan.gov/taxes/coll-audit/collections/corporate-officer-liability-frequently-asked-questions
Corporate Officer Liability (COL) refers to holding an individual (an officer, member, partner etc.,) of a corporation personally liable for unpaid tax debts accrued by a corporation. When a corporation fails to file returns or pay taxes due, the Michigan Department of Treasury, Office of Collections, will attempt to collect the debt from any individual who the Department has …
https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-employees-shareholders-and-corporate-officers
When corporate officers perform a service for the corporation and receive or are entitled to payments, those payments are considered wages. The fact that an officer is also a shareholder does not change this requirement. Such payments to the corporate officer are treated as wages. Courts have consistently held S corporation officers/shareholders who …
https://www2.deloitte.com/us/en/pages/tax/articles/corporate-filing-responsibility.html
Responsibility for these filings may be diffused—spread around the company in functions including legal, tax, and risk. This can be an advantage to the extent that tasks are allocated to the functions with the greatest expertise, but it can also be a disadvantage when accountability is not clear.
https://www.indeed.com/hire/c/info/officers-of-a-corporation-roles-and-responsibilities
The chief financial officer serves as the treasurer or comptroller of a corporation, managing its finances and reporting to the CEO on the company’s financial health. A CFO’s responsibilities include: Creating internal reporting systems and overseeing record keeping Ensuring compliance with state laws, IRS and industry accounting standards
https://www.upcounsel.com/corporate-officer-duties
The main responsibility of the COO is to oversee the company's daily operations. Often when a chief executive steps down, the COO will replace them in their position. The COO and CEO will often share responsibilities and duties. The primary responsibilities of a COO include:
https://www.upcounsel.com/corporate-officer-definition
When officers conduct administrative duties, their liability is increased. For example, a treasurer who is supposed to handle financial oversight and policy may also take on day-to-day responsibilities, such as paying taxes and bills. If taxes are not paid correctly or bills are past due, he or she could be held personally liable.
https://www.forbes.com/sites/stephendunn/2011/11/13/officers-personal-liability-for-their-companys-unpaid-taxes/
The taxing authorities will also assess the company’s taxes due personally against the company’s “responsible persons”—those who controlled the company’s available cash, and used it to pay debts...
https://thecorpsecblog.com/2013/07/08/officers-of-a-company-can-be-personally-liable-for-the-companys-failure-to-collect-or-remit-sales-taxes/
The regulation further states that “ [g]enerally, a person who is authorized to sign a corporation’s tax returns or who is responsible for maintaining the corporate books, or who is responsible for the corporation’s management, is under a duty to act.”
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