Title 48, Chapter 7, Section 106
(a) On or before February 28 of each year for the preceding calendar year or on or before the thirtieth day after the date on which the final payment of wages is made by an employer who has ceased to pay wages, an employer shall file with the commissioner an annual or a final return, as the case may be, on a form prescribed by the commissioner. The employer shall attach to the return copies of the statements required to be furnished under Code Section 48-7-105 for the period covered by the return, provided that in lieu of attaching copies, the commissioner may authorize the reporting of such information by electronic or magnetic media.
(b) The commissioner may grant a reasonable extension of time, not
exceeding 30 days, for filing the annual or final return required by
this Code section.
(c) If an employer liable for any withholding tax, interest, or
penalty levied pursuant to this chapter sells out his business or
stock of goods or equipment or quits the business, he shall file the
final return as required in subsection (a) of this Code section.
The employer's successor or assigns, if any, shall withhold a
sufficient amount of the purchase money to cover the amount of the
withholding taxes, interest, and penalties due and unpaid until the
former owner provides a receipt from the commissioner showing that
the taxes, interest, and penalties have been paid or a certificate
from the commissioner stating that no withholding taxes, interest,
or penalties are due.
(d) If the purchaser of a business or stock of goods or equipment
fails to withhold the purchase money as required by this Code
section, he shall be personally liable for the payment of the
withholding tax, interest, and penalties accruing and unpaid by any
former owner or assignor. The personal liability of the purchaser
in such a case shall not exceed the amount of the total purchase
money, but the property being transferred shall in all cases be
subject to the full amount of the tax lien arising from the
delinquencies of the former owner.