Monthly Archives: December 2009


Nicolas Cage and $6.2 Million in IRS Tax Debts: Bad Judgment and Corrupt Management

When it comes to paying his income taxes, Nicolas Cage seems to be in one huge mess after another. Less than a year ago, Cage celebrated what he called a “win” in a tax battle with the Internal Revenue Service.   The IRS was demanding $1.8 million in back taxes, penalties, and interest, and the actor ended up paying about $660,000.  Then again, with Peter Stephan and the Tax Resolution Institute on his side and the proper tax resolution strategies, Cage it is likely that he could have gotten a much lower settlement. However, none of the above seems to matter [...]

A Gift of A Holiday Tax Breather from TRI: No New IRS Liens or Levies from December 22 to January 2

Since the holiday season is a time when everyone should be able to celebrate with family without the fear of an IRS Tax Lien or Levy, Peter Stephan and the Tax Resolution Institute present a gift of important tax relief information. From December 22 to January 2, there is an unwritten rule that no new IRS Tax Liens or Levies are filed or acted upon during this holiday period. Although they are the largest collection agency in the world, the IRS respects the family spirit of the Christmas season every year. If you owe a back tax bill [...]

The California Tax Evasion of Sinbad

When you think of the name Sinbad, the first thing that might pop in your head back in the day was the classic adventure film, The Seven Voyages of Sinbad. Today, the first thing that should pop in your head, particularly if you live in California and are experiencing the supply side pain of the state’s extreme budget crisis, is the Number One Celebrity State Tax Evasion of Sinbad. Indeed, no celebrity owes more taxes to the state of California than the well-known comedian. With a delinquent tax bill of $2,522,424.10 according to a public report made by the California [...]

If Treasury Secretary Tim Geithner Survived an IRS Bill for Back Taxes, There can be a Solution for You!

If Barack Obama’s Treasury Secretary had serious tax problems, any American clearly can make the same mistakes and encounter the similar problems with the IRS.  While he worked for the International Monetary Fund between 2001 and 2004, Treasury Secretary Tim Geithner failed to pay Social Security and Medicare taxes. As an American citizen working for the IMF, Mr. Geithner was technically considered self-employed. As a result, like any self-employed worker in the United States, he was required to pay Social Security and Medicare taxes for himself as both an employer and an employee. When the entire tax bill was taken [...]

IRS Tax Lien For Nearly $80,000 Filed Against California Governor Arnold Schwarzenegger

Public Records uncovered by the celebrity gossip web site TMZ revealed that the Internal Revenue Service has filed a federal tax lien against former film star and current Governor of California Arnold Schwarzenegger for nearly $80,000. On May 11, 2009, the IRS filed the tax lien at the Los Angeles County recorder's office for $79,064, according to a record in an electronic database. Although the record does not indicate what property the lien was placed on, it lists the debtor as Arnold Schwarzenegger with the governor's home address in Brentwood. A federal tax lien would be attached not only to [...]

The 45 Day Rule: Essential Business Payroll Tax Lien Information for Borrowers and Lenders

The United States Congress instituted the 45 Day Rule in 1966 to correct a problem experienced by commercial lenders who suddenly found themselves losing their loan collateral when being set against a federal tax lien. The most basic principle employed in the adjudication of the priority of liens is "first in time is the first in right." When the IRS makes an assessment for unpaid payroll taxes against a business, a statutory lien arises in favor of the federal government. The lien attaches to all property or rights to property belonging to the business. This lien is called a "silent" [...]