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Lake Corporation has some severe cash-flow problems You are the company’s financial and tax consultant. Thetreasurer of the company has informed you that the company has failed to make FICA and

Lake Corporation has some severe cash-flow problems. You are the company’s financial and tax consultant. Thetreasurer of the company has informed you that the company has failed to make FICA and federal income tax withholding payments to the IRS (both the employer and employee contributions) for a period of approximately six months.

a. What advice can you give to the company treasurer regarding the nonpayment of taxes?

b. Can the liability for payment of the taxes extend to parties other than the corporation? Explain.

Mar 28 2020 View more View Less

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