Article Date:
November 2009


Word Count:
644

 

 

Payroll Taxes Embezzled; Owner Has Big Tax Problem


Timothy McCloskey, president and sole shareholder of Brosius, delegated financial responsibility to Kathleen Lawson, his bookkeeper and chief financial officer.

 

Ms. Lawson embezzled more than $800,000 from Brosius and failed to remit employee withholding taxes for 19 quarters (4.75 years). Once Mr. McCloskey became aware of the magnitude of Ms. Lawson’s embezzlement, he knew that he could not continue to keep Brosius in business.

 

Winding Down Corporate Affairs

 

He discussed bankruptcy with his lawyer, but circumstances dictated winding down the affairs ... Log in to view full article.

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