Monthly Archives: March 2010

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Since Tax Revenue Fell 14% in 2009, the California Franchise Tax Board Is Going After Delinquent Tax Bills

In 2009, California state tax revenue was down $16.4 billion or 14% when compared to the previous year. Even though the state legislature in Sacramento and Governor Arnold Schwarzenegger approved the largest tax increase in state history, including a major hike in income taxes, the overall tax revenue declined by over $100 million dollars. These declines included a 20.4% decline in individual income tax revenue and a 19.5% decline in corporate tax revenue. As a direct result of the decline in tax revenue, the Collections Officers for the California Franchise Tax Board have been directed to go after [...]

The California Franchise Tax Board Tries To Jump Start Housing Market With A $10,000 Tax Credit

The California Franchise Tax Board is setting into motion a new plan to extend a $10,000 tax credit to first-time buyers purchasing new homes. The goal is to help the state's lagging housing market. With a huge backlog of abandoned and foreclosed homes, California has to take action. With one of the country's highest foreclosure ratings and business owners struggling to get new projects off the ground, California needs a tax benefit to counteract the rising pessimism of both sellers and buyers. At this point, tax revenue is secondary to stimulating the economy. Recognizing this situation, the Tax Resolution Institute [...]

March 26th, 2010|Tax Resolution|

Your Tax Crisis Is Fair Game: Huge Increase in the Number of IRS Tax Liens Filed In 2009

Over the past couple of years, as the economic crisis has continued and even deepened in certain places, countless American citizens have found themselves caught between a rock and a hard place when it comes to paying their taxes. When you do not have the cash to cover your tax bill, most likely it will go unpaid. As a direct result, rather than show understanding to people caught in such a bind, the IRS is cracking down by filing tax liens and increasing the pressure to pay. If you find yourself in trouble with the IRS with a personal income [...]

The IRS Takes a Sacramento Business Owner For a Financial Wash Over a Delinquent Tax Debt

Without question, the sudden arrival of the IRS at your place of business is every businessperson's nightmare. Naturally, such a nightmare would not become a reality unless you or your business owes a huge tax debt to the IRS. As the owner of a car wash in Sacramento learned last week, this common sense belief does not always reflect the absurd truths of reality. On Wednesday afternoon (March 10, 2010), two dark-suited IRS agents, right out of a bad Hollywood movie, arrived at Harv's Metro Car Wash in midtown Sacramento and demanded payment of delinquent taxes. "They were deadly [...]

Actor Ving Rhames Owes Over Half A Million To The IRS and the California Franchise Tax Board

Uncle Sam is about to go medieval on Ving Rhames if the "Pulp Fiction" star fails to pay almost half a million dollars in unpaid taxes. In November 2009, the IRS filed a tax case against Ving Rhames and his wife Deborah in L.A. County Superior Court. Ving failed to make good on a $491,588.06 Federal tax bill that dates back to 2007. Since skipping his payments to the United States Government, Ving Rhames and his team have ignored dozens of letters and calls from the IRS Revenue Agents, leading to the necessity of filing a tax lien against the [...]

The Truth About Payroll Taxes: The IRS Always Comes First

In a difficult economy when profits dwindle and bills pile up, it is all too easy for a business owner to “borrow” the payroll taxes withheld from the paychecks of employees. After all, the loan is only temporary and will be covered in between payday and the future date when the funds are transferred to the IRS. As Joseph F. Gelband pointed out in a "Taxing Subject" piece in Barrons, such a decision is nothing less than an utter business disaster in the making, a desperate gamble that often results in dire results. In utter agreement with Gelband, the Tax [...]

March 12th, 2010|Payroll Tax Problems, Tax Resolution|

The Potential Price of Failing to Pay Payroll Taxes: Orange County Hair Salon Owners Imprisoned

Why do Peter Stephan and the Tax Resolution Institute take the issue of unpaid payroll taxes so seriously? The consequences of not paying your payroll taxes and willfully withholding payment to the IRS can be severe. In the criminal case of a husband & wife hair salon owners in Orange County, the criminal withholding of payroll taxes led to stiff prison sentences. Such an outcome does not have to happen to you and your business if your payroll tax problems have just begun. We understand that meeting payroll taxes can be a challenge in a difficult economy. But if such [...]

March 9th, 2010|Tax Resolution, Unpaid Payroll Taxes|

Man Sells Business to Bank and Settles IRS Tax Liens after Bulldozing His Own Home…

Terry Hoskins bulldozed his home in Moscow, Ohio, after his bank began foreclosure proceedings. IRS tax liens on business properties owned by Hoskins were responsible. Hoskins had never missed a mortgage payment. The decision by the bank to foreclose on his home in response to the IRS tax liens enraged the homeowner. “When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it — no, I wasn’t going to stand for that, so I took it down,” he told a local news station. With the amount owed to the [...]

March 2nd, 2010|Tax Resolution|

Taking It Down: Man Facing IRS Tax Liens Bulldozes His Own Home…

Documenting his actions on video, Terry Hoskins bulldozed his home in Moscow, Ohio, after his local bank began foreclosure proceedings. IRS tax liens on business properties owned by Hoskins were filed on his home. Hoskins had never missed a mortgage payment. In fact, he was never even late on a payment on his home. The decision by the bank to foreclose on his house in response to the IRS tax liens enraged him. “When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it — no, I wasn’t going to stand [...]

March 2nd, 2010|Tax Resolution|