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Whether You Live In Los Angeles, San Diego Or Irvine, IRS Income Tax Debt Relief Has Become A Real Necessity

January 2, 2012 By

In California’s challenging economy, owing money and finding yourself in a financial bind is not uncommon. Although owing money to people can be downright unpleasant, nothing compares with owing money to the Internal Revenue Service. Whether you live in Los Angeles, San Diego or Irvine,  the Internal Revenue Service is coming after your delinquent income tax debts with a renewed intensity. The Tax Resolution Institute understands that you need, and we can provide you with an effective strategy for income tax debt relief

A Tough California Economy Results In Income Tax Debts

A Tough California Economy Has Resulted In Serious Income Tax Debts

It is true that tax agencies like the IRS and the California Franchise Tax Board are relentless in their pursuit of unpaid income taxes. Like any company, the IRS understands that the cost of chasing a debt, is always measured against the value of the debt itself. The IRS takes a cost/benefit analysis when it comes to collecting income tax debts. In simple terms, if the IRS feels that your debt will and can never be repaid for practical reasons, it will not continue to pursue that debt. As a result, this is why both bankruptcy and currently not collectible status are employed as strategies by the Tax Resolution Institute in serious cases. In addition, the focus of the IRS on high debt collection is why we focus on larger cases in regards to amount owed and payment status.

One of our goals in a difficult economy when our clients have limited resources is to get the  IRS to look at you and your debt through that unrecoverable lens. The process to achieve such a perspective is difficult as it involves the understanding of complex tax policies and concepts. Naturally, you need to fill out many forms and make sure that all of your due diligence is executed and you do not appear as a criminal tax evader to the IRS. Luckily, we have the experience and the expertise to make sure that your tax case is handled with focus and care.

If you are in tax trouble and need effective tax relief from a delinquent income tax debt,  then need to hire a tax professional like the tax experts at TRI to help you. That is the simple truth of the matter, and it’s the only safe and sensible approach to your financial crisis. By having Peter Stephan and the Tax Resolution Institute in your corner, you ensure the future safety and financial security of your family. Do not take chances with your life.

The Tax Resolution Institute Knows California Tax Resolution Services

The Tax Resolution Institute Provide The Best In Southern California Resolution Services

Once the Tax Resolution Institute takes your case and receives power of attorney from you, it allows us to deal directly with the IRS on your behalf. By following a strategy that has worked countless times in the past, we will find a true resolution and your tax problems will soon be behind you. The approach I’ve just given you is used by thousands of people each day, who more or less have the same problems as you. The Tax Resolution Institute understands that whether you live in San Diego or Los Angeles, Irvine or Orange County, the Southern California economy has been nothing less than brutal over the past few years. It is no surprise that you are facing a serious income tax crisis, but we are here to help you find the freedom you deserve.

Filed Under: California Tax Relief, Delinquent Tax Debts, Income Tax Problems, Tax Relief Tagged With: , , , , , , ,

Small To Mid-Sized Companies With Delinquent Payroll Tax Debts Need A Tax Professional In Their Corner

December 6, 2011 By

The Tax Resolution Institute has seen payroll tax problems close a business overnight and lead to criminal sanctions against the owners, including prison time. Due to the economic downturn, the IRS has been increasingly aggressive in their collection attempts for past due payroll taxes. For example, if you are a struggling business owner in Orange County with delinquent payroll taxes, you need to know right away how to protect your company and livelihood. Why stick your head in the sand and let the IRS levy your funds and take control of your cash flow and your incoming finances Peter Stephan and the Tax Resolution Institute can help you resolve payroll tax penalties with the best in tax resolution services and avoid any long-term devastation to your company and your reputation.

Payroll Tax Borrowing Is Criminal Theft From The IRS

Payroll Tax Borrowing Is Criminal Theft From The IRS

In these difficult days in a questionable California economy, TRI has seen a couple of past clients in Orange County and Irvine go under. Luckily, they went under on their own terms and not in the clutches of the IRS. We warn every business client that delinquent payroll taxes can be the downfall of an otherwise successful company. Payroll tax problems can cause long-term damage that your business may never recover from while staining your professional reputation. None of your clients who owe you incoming invoices wants to be contacted the IRS and told to pay the money to them directly. But this is what will happen if you are not careful and smart.

It makes sense that in tough times a small business may find themselves in a cash crunch with a lack of financial resources. It is no surprise that you might be tempted to borrow from the money they collect from employment taxes to pay operating expenses. Not stealing the money, just borrowing it for a short period until things improve and invoices are paid and that big deal happens. This is a huge mistake because what many businesses don’t know is that the IRS views non-payment of payroll taxes as a criminal act of theft. The Internal Revenue Service does not care about your cash flow crisis. The payroll taxes you hold are called a trust fund because the federal government trusts you to make your payments. If you don’t, the penalties and consequences are quick and severe.

Collecting Payroll Tax Debts Is The Top IRS Priority

Collecting Payroll Tax Debts Is Now A Top IRS Priority

With highly effective collection methods, the IRS is ruthless and the biggest risk that business owners with payroll tax problems can take is incurring their focus. They will levy your customers and clients, and they will use every tool in the book to collect that delinquent payroll tax debt. In addition to having your cash flow cut off, you will also risk permanently losing valued customers because your payroll tax problems can damage your reputation. After being contacted by the IRS, your clients may no longer want to do business with you. Can your company afford in these times to lose any ongoing source of revenue. Even worse, if they can’t be paid, the IRS will close your doors, shut you down and start criminal proceedings against the responsible party, the signer on the payroll tax bank statements.

Do you want to find the doors to your company padlocked overnight while you face such charges and a possible prison sentence. And the Federal Government needs money. They need to fund deficit-reduction strategies as well as close the growing tax gap. As a direct result, the IRS is making the collection of delinquent payroll taxes their top priority. The IRS Revenue Officers are taking a closer look at employment tax returns and other possible reveals of a delinquent payroll tax problem.

If you have a payroll tax debt, the time to take action is today. You do not have the luxury to wait. Contact the Tax Resolution Institute and we will give you a free consultation that lays out possible methods of paying off the tax and avoiding the penalties. To protect the future of your business, you need a respected tax professional like Peter Stephan in your corner!

 

Filed Under: California Tax Relief, Delinquent Tax Debts, Payroll Tax Problems, Tax Relief, Tax Resolution Services Tagged With: , , , , , , , ,

After Newport Beach Tax Return Is Filed In The Filing Cabinet, TRI Abates $188,000 In IRS Penalties And Interest

November 14, 2011 By

The Tax Resolution Institute has experienced so many examples of high income clients with serious IRS income tax problems where the client truly is not at fault. Yes, they did not pay their taxes, but not because they were evading them or did not have the money to cover their tax bill. Instead, they were victims of stupidity and foolishness by people who work for them. A perfect example is when a Newport Beach Entrepreneur finished his taxes, wrote the check, then gave the papers with check attached to his assistant with the express request to file the return. Did the assistant file the taxes on time with the Internal Revenue Service? Nope. Foolishly, he filed them in the office filing cabinet, and no taxes were ever paid.

The Newport Beach Entrepreneur Needed To Stay One Step Ahead!

Tax Crisis of a Newport Beach Entrepreneur

When you are a successful entrepreneur, you always have to everything to stay one step ahead of the game. In today’s challenging Orange County economy, the Newport Beach Entrepreneur had a lot of projects on the table and a lot to do every day to keep the proverbial balls in the air. The tougher the economic climate, the harder the juggling. As a result, when he asked his personal assistant to do something as simple as file his personal income taxes with the IRS, he expected the task to be done. You cannot imagine how surprised he was when he received a notice from the IRS months later. Since he thought the taxes had been filed, he ignored the first notices, even responding that it was a mistake. Finally, when he asked the assistant if the taxes had been filed, he said that they certainly had a showed him the packet in the filing cabinet. Naturally, he was handed his walking papers.

When the Newport Beach Entrepreneur realized that his IRS income tax crisis was out of control, he asked a close business associate for help. The business associate recommended that he go to the Tax Resolution Institute because of their proven history of expertise. Taking a free consultation with Peter Stephan, the Newport Beach Entrepreneur became aware of how extreme his income tax problem had become. Since the interest on delinquent tax debts compound daily and the penalties continue to increase, the Orange County man now owed an additional $188,000 to the IRS. If he was forced to pay the full amount, the future of hus business and the security of his family would be placed in crisis.

Contact TRI today for help!

Contact TRI today for help with the IRS!

Luckily, Peter Stephan and the Tax Resolution Institute had a viable solution to the Newport Beach Entrepreneur’s serious income tax problem. Although it made sense to apply for a Penalty Abatement, the traditional channels would not work because the mistake made by the assistant could not be proved. Nevertheless, by taking a chance and hiring TRI, the Orange County man made the right move. Peter Stephan was able to find a hole in the tax code that allowed for a Penalty Abatement to be filed successfully with the Internal Revenue Service. Illustrating the nature of the problem to the IRS Revenue Officer, Peter Stephan had all the penalties and interest abated in exchange for full payment of the original tax bill.

If you have a serious IRS income tax problem and you need help, contact the Tax Resolution Institute today. If we can help you, we will find a viable option and solution. Whether it is a Penalty Abatement or Offer In Compromise or Installment Agreement, Peter Stephan provides the best in tax resolution services!

Filed Under: California Tax Relief, Delinquent Tax Debts, Income Tax Problems, Tax Relief, Tax Resolution Services Tagged With: , , , , , , ,

After Bankruptcy Lawyer Fails To Discharge IRS Tax Debt, Peter Stephan Rescues Irvine Computer Executive

November 2, 2011 By

When it comes to personal bankruptcy, IRS tax debts can be discharged and removed from your financial record if the proper time requirements are met. If your bankruptcy lawyer fails to report the discharge claim to the IRS, then nothing will happen to the delinquent tax debt. If you fail to go through the proper channels and fill out the paperwork, the IRS will not recognize the bankruptcy and will continue its collection efforts. Such was the dilemma faced by an Irvine Computer Executive who already had lost her high-paying job and gone into home foreclosure on account of the economic downturn. Luckily, with years of experience and expertise helping American taxpayers in trouble, Peter Stephan and the Tax Resolution Institute was able to resolve the problem and wipe away a majority of the delinquent income tax debt.

A Proper Bankruptcy Should Not Lead To More Tax Trouble

A Proper Bankruptcy Should Not Lead To More Tax Trouble

Despite negative perception, the Internal Revenue Service in reality is not a vengeful pirate-like entity looking to ravage innocent taxpayers. What they are is the largest collection agency in the world, and their collection efforts will not stop until all the t’s are crossed and all the i’s are dotted. When the Irvine Computer Executive was forced to declare bankruptcy, her bankruptcy lawyer made some glaring mistakes in the filing process. Although the bankruptcy was accepted, he failed to report the dischargeable nature of the delinquent income tax debt to the Internal Revenue Service. As a result, rather than being wiped away, the $150,000 income tax debt remained on the Orange County woman’s record. You can imagine how disturbing it was when she began receiving notices from the IRS after believing her income tax debt had been wiped clean by the bankruptcy. With her former lawyer unwilling to take action or even return her phone calls, she was caught in a downward spiral that accentuated the horror of losing her job and seeing her family home go into foreclosure.

When the Irvine computer executive came to Peter Stephan and the Tax Resolution Institute with the problem, the first thing Peter did was a tax dischargeability  analysis of the woman’s past income tax debt. Although having knowledge that taxes are dischargeable in bankruptcy, many second-rate bankruptcy attorneys still believe that the IRS will demand to get paid no matter what.  In truth, under specific conditions, personal income taxes are dischargeable. The tax experts at the Tax Resolution Institute know the basic requirements and the nature of the individual tax liability that may be discharged in a Chapter 7 bankruptcy.

The Bankruptcy Code does not specify taxes that are dischargeable, but it does specify the taxes that are excepted from discharge. In simple language, unless secured, income taxes are not excepted from discharge. However, if the requirements are met in full, the process will not fail and the income taxes will be discharged.

Tax Dischargeability Analysis Provided A Solution

Tax Dischargeability Analysis Led To A Solution

After doing his analysis, Peter Stephan realized that $125,000 of the Orange County woman’s $150,000 income tax debt was dischargeable according to the accepted criteria. Since the bankruptcy had already been filed. Peter Stephan went through alternative channels by contacting the bankruptcy unit of the IRS directly. Recognizing the just nature of the claim  that met all of their requirements, the IRS discharged the delinquent taxes and wiped away all penalties.

In conjunction with this filing, Peter Stephan negotiated a very reasonable Installment Agreement for the Irvine Computer Executive that covered the rest of her delinquent tax bill. Incredibly grateful, she was so happy to finally have the chance to make a fresh start. If you have a delinquent income tax problem that needs to be addressed through tax resolution techniques or discharged through personal bankruptcy, please contact Peter Stephan. We can help you overcome this challenging hurdle of tax trouble and make a fresh start.
Filed Under: California Tax Relief, Delinquent Tax Debts, Income Tax Problems, Tax Relief, Tax Resolution Services Tagged With: , , , , , , , ,

How Could This Happen To Me? Peter Stephan On Why The Wealthy Have Serious Tax Problems Today (Part 2)

October 31, 2011 By

Peter Stephan of the Tax Resolution Institute gave an in-depth interview at the beginning of October about the wealthy and their sudden increase in income tax difficulties. In Part 2 of this interview, Mr. Stephan shows how initial financial difficulties spiral out of control. Once the money crunch hits the home, wealthy families tend to make bad choices. After all, if they have a couple of kids in private schools or in college, what comes first: the education of the kids or their IRS income taxes? From the wealthy couple’s perspective, obviously the kids come first, but not according to the Internal Revenue Service.

How Did This Happen To Me?

How Did This Happen To Me?

Peter Stephan points out that such protective perspectives quickly become a recipe for financial disaster. Mr. Stephan repeatedly has seen wealthy couples in Orange County and the San Fernando Valley who were bringing in an average of $35,000 a month in income during the good old days. Suddenly that becomes $3,500 a month, and the family is suddenly no longer sustainable as a unit.

Buried in credit card debt with a second mortgage and with all the value taken out of their equity line, such families are no longer affluent. They find themselves in serious financial trouble, and they find the IRS notices in their mailboxes. When the C-504 notice evolves into a Notice of Intent To Levy from the Internal Revenue Service, action has to be taken before there is no turning back. It’s no use asking how this could possibly happen to you. As Mr. Stephan points out from his years of expertise and experience, tax problems can happen and do happen to everyone across the financial board.

When Finances Collapse, You Ignore Your Tax Bill

When Finances Collapse, You Ignore Your Tax Bill

Peter Stephan understands how hard it is for a successful business owner with serious financial obligations whose business suddenly drops off a cliff and is not coming back to health any time soon. Often there is a trickle down effect because they had family working in the business. Not only can they not sustain themselves, but also the crisis is like a contagious disease that the whole extended family catches. This type of financial disaster is what Peter Stephan refers to as the “Snowball Compound Effect.” What becomes essential is to recognize that the problem is not going to resolve itself and proactive steps must be taken.

When such new clients enter the office for a consultation, Peter Stephan is straightforward and honest with them. Mr. Stephan knows that other people tend to put on a happy face and promise pennies on the dollars. In contrast, Peter Stephan and the Tax Resolution Institute deal with real solutions that will solve a tax problem. Whether it is a bankruptcy where the delinquent income taxes can be discharged along with the credit card debt if the proper amount of time has passed or even Currently Not Collectible status, what is essential is to give the family the time to regroup and put their lives back on track.

Let Us Help You Make A Fresh Start!

Let Us Help You Make A Fresh Start!

Yes, the once wealthy couple might have to move into a smaller rental or send the kids to public school, but this is not the end of the world. What is the end of the world is to ignore an income tax tax problem and a financial crisis until there are no viable options left to take. In a majority of cases, less drastic measures are needed, and an Offer In Compromise or an Installment Agreement can work as a positive resolution.

The goal of Peter Stephan and the Tax Resolution Institute is to provide their clients with the best tax resolutions that work and solve the delinquent tax problem at hand. It is true that serious tax problems happen to wealthy people in this tough economy. If you take action and contact the Peter Stephan and the Tax Resolution Institute, viable tax resolution answers can be found as well.

 

Filed Under: Tax Relief Tagged With: , , , , , , , , ,

Orange County Alert: Serious Consequences For Unpaid Payroll Taxes For Business Owners

September 21, 2011 By

Due to a challenging economy,  number of big and small businesses in Orange County, ranging from Newport Beach to Irvine,are in constant struggle with their payroll tax deposits. Most of them have trouble keeping up with their unpaid IRS payroll taxes and they default on the trust fund. This article should serve as an alert to business owners in Newport Beach, Irvine and across Orange County that not covering your trust fund and failing to pay your payroll taxes can be the death knell for your company.

Payroll Tax Mistakes Are Serious!

Payroll Tax Mistakes Are Serious!

You should never treat payroll tax debt carelessly because it can lead to bank account and wage levies that can destroy your business. It is very dangerous to disregard or delay the resolution of such a tax debt because it could mean the end of your company. Unpaid payroll taxes are considered by the Internal Revenue Service as theft and the accompanying  penalties can include imprisonment. Unpaid IRS payroll taxes if not resolved immediately can lead to the padlocking of a business’ doors without a court order. Aside from that, unpaid IRS taxes will result to equipment seizure and contacting of clients to intercept payments owed. If it does not close your doors, such a tax scandal will destroy your reputation.

Fortunately, there are ways to get out of this financial tax mess. To get IRS tax relief for a payroll tax debt, you should contact a tax professional like the Tax Resolution Institute so action can be immediately taken. TRI can properly negotiate an IRS payment plan or an installment agreement. We can turn your IRS nightmare into a successful example of tax relief.

The IRS has special means of knowing who is responsible for failing to file payroll taxes or pay the Trust Fund. Never forget that the Trust Fund recovery Penalty is called the 100% Penalty for a good reason. The IRS can go after everyone in a business, including the owners, shareholders, officers, accountants and bookkeepers. In such cases, it is very risky to negotiate with the IRS on your own because there are legal and technical hurdles that can seriously hurt your case and your finances.

A qualified tax professional like the tax attorneys and CPAs at The Tax Resolution Institute can help protect and safeguard your future. Our tax professionals can negotiate for an IRS payment plan or Installment Agreement that suits your qualifications and financial condition. If you are experiencing a payroll tax crisis in Orange County  or anywhere else in the United States, contact the Tax Resolution Institute today for help.

Filed Under: California Tax Relief, Payroll Tax Problems, Tax Relief Tagged With: , , , , , ,

TRI Negotiates Installment Agreement For Irvine Public School Teacher With The California Franchise Tax Board

August 27, 2011 By
California Franchise Tax Board

California Franchise Tax Board

If you think the Internal Revenue Service is tough when it comes to delinquent income tax bills, you should try dealing with the California Franchise Tax Board and negotiating an Installment Agreement with them. The California FTB is going after delinquent income tax bills with a new ferocity given the lack of money in the state budget and California’s economic struggles. When an Irvine schoolteacher from Orange County found herself in serious tax trouble with the California FTB, she turned to the Tax Resolution Institute for help.

To begin with, let’s be perfectly honest: In this day and age, being a schoolteacher in California public schools is tough enough without being hassled by the Franchise Tax Board. California needs good teachers that will keep the standardized test scores highs and the kids doing well in class. When a wonderful Irvine schoolteacher encountered some serious financial setbacks and got into a tax bind with the California Franchise Tax Board, she found herself in serious trouble.

Irvine School Teacher PTA Appreciation

Irvine School Teacher PTA Appreciation

Since she was a schoolteacher in the excellent California public school system in Irvine, she thought that she should focus on paying her IRS income taxes and that California would wait. After a few years of delinquent tax bills, she realized that she was wrong and needed help in Orange County. As she expressed to TRI, “Please let me know what we should do at this point. I know that the FTB is not very flexible with due dates so it’s a little unnerving.”

When she came to the Tax Resolution Institute, her wages were about to be garnished and her family’s bank accounts levied. Since she had been sitting on the tax debt for several years, it had just grown and grown, increasingly getting worse. You must remember that if you do not take action, delinquent tax bills with either California Franchise Tax Board or the Internal Revenue Service do not simply go away. Instead, they compound interest on a daily basis while accruing serious back tax penalties. It is essential to take action and deal directly with the problem by consulting a respected tax professional like the Tax Resolution Institute.

Focus On Good Teaching, Not Delinquent Taxes

Focus On Good Teaching, Not Delinquent Taxes

Luckily, the tax lawyers at the Tax Resolution Institute were able to negotiate a very positive and workable Installment Agreement with the California Franchise Tax Board for the Irvine schoolteacher. By agreeing to a do a monthly direct deposit to the FTB, the Installment Agreement was negotiated for under $100.00 a month. Penalties were waived, and all the possible negative consequences went away. The response from the Irvine School teacher was nothings less than glowing: “Thanks again and just so you know – - – YOU ROCK!!! I can’t even believe that this has been taken care of so quickly. If only I would have found TRI 3 years ago – it would have saved me a lot of stress, sleepless nights and tears.”

Remember that if you need help with a delinquent tax problem with the Internal Revenue, the California Franchise Tax Board or any other State Taxing Agency, the Tax Resolution Institute is the place to go. Without a single complaint from any of our past clients and tons of positive feedback for past Installment Agreements and other tax resolution services, we provide the answer when you need help with a wage garnishment looming over your head. The Tax Resolution Institute can solve your delinquent tax problem.

Filed Under: California Tax Relief, Tax Relief, wage garnishment Tagged With: , , , , , , ,

The Tax Resolution Institute Helps Orange County Staffing Agency Keep Doors Open After Payroll Tax Crisis

March 9, 2011 By

With the expansion into Orange County, the Tax Resolution Institute has encountered a number of companies experiencing severe payroll tax problems in a challenging economy that need tax resolution services. Stealing from Peter to pay Paul, these companies often dip into their employee’s Trust Fund in order to cover payroll and a variety of unexpected expenses. Such a choice is often disastrous because the IRS considers the Trust Fund to be a legal responsibility of an employer, and they react to payroll tax cases with alarming swiftness and vigorous enforcement of penalties. Since the Trust Fund Recovery Penalty also is known as the 100% penalty, it can lead directly to an economic tidal wave that overwhelms a company and leads to their doors being forever closed. A perfect recent example of such an unpaid payroll tax problem came when the principals of a local Orange County staffing agency found themselves pressed by tough economic times.

Orange County Staffing Agency

Orange County Staffing Agency With Payroll Tax Crisis

Since the Orange County staffing agency has to pay their employees every week even though they often do not receive payment for their services and the services of the temps until the end of the month, they often find themselves in tough economic territory. Although this staffing company is doing well and their services were in demand, they discovered that the more temps they sent out into the workforce, the higher their bills seemed to be. In addition, their employer clients were not quite paying their bills at the end of the month, but rather putting them off until later. Sometimes payment for services would not arrive until 45 days after the fact or even longer in the most egregious cases. However, since the temps are contract employees at a relatively low hourly wage, they need to be paid on time in order to keep working and stay available. As a result, the temp agency began dipping into the trust fund, putting off the payroll tax deposits to the IRS, in order to cover the differences.

Believing they would make up the difference when the next deposit was due, the principals of the Orange County staffing agency believed that everything would be okay. When they were hit by unexpected costs, they realized that they could not cover the amount taken from the previous trust fund deposit. In addition, caught between a rock and a hard place, they were forced to take money from the next trust fund deposit as well, making a bad payroll tax problem even worse. When they came to understand that they were caught in what was quickly becoming a vicious circle, they had no choice but to take proactive action. Luckily, they stopped the storm that could destroy the future of their successful business in its tracks by making a smart choice — they contacted Peter Stephan and the Tax Resolution Institute to access the very best in tax resolution services.

The Best in Orange County Tax Resolution Services

The Best in Orange County Tax Resolution Services

Realizing how serious the situation had become, the TRI tax experts brought the principals of the staffing agency into the office and went over the recent books with them. They were informed that if they had money saved up for a rainy day, it was time to access those funds because it was pouring. Coming up with a workable game plan, Peter Stephan approached the IRS with a major payment to cover a majority of the depleted Trust Fund. By coming to the IRS with a plan of action and an initial payment, Peter Stephan was able to have the majority of the Trust Fund Recovery Penalty waived. In these difficult economic times, IRS Revenue Officers tend to react well to proactive action when a tax problem is brought to them before it is discovered. Negotiating a workable installment plan, Peter Stephan was able to put the Orange County staffing agency back on track while keeping their doors open.

The Tax Resolution Institute has opened an office in Orange County in order to help business owners across that part of Southern California from Irvine to Newport Beach, from Tustin to Anaheim. If your company is in an economic crisis and it ha sled to a problem with unpaid payroll taxes, please do not hesitate any longer. It is essential to take action today. If you need tax resolution services, feel free to contact the Tax Resolution Institute at 877-829-8370 or fill out our  tax resolution form.

Filed Under: Tax Relief Tagged With: , , , ,

Orange County Billionaire’s Son Owes Over Two Million Dollars In Delinquent Income Taxes

May 3, 2010 By

When the California Franchise Tax Board released the annual list of the top 250 taxpayers with the highest state income tax liens, former Grand Prix Racing champion Steve Bren finished in the 18th spot. The son of billionaire Irvine Co. chairman Donald Bren, Steve and Cynthia Bren owe $2,209561.23 in personal income tax to the state of California and the state tax lien was filed on March 20, 2009. With California in a financial crush, the Franchise Tax Board is going after delinquent taxpayers with a renewed focus. By failing to contact a tax professional like the tax experts at the Tax Resolution Institute, Steve Bren allowed his private tax problem to become a public tax crisis. Now Steve Brin needs real tax relief.

STEVE BREN — NO STRANGER TO CRISIS

Steve Brin Finishes As The 18th Top Delinquent Taxpayer in California

Steve Brin Finishes As The 18th Top Delinquent Taxpayer in California

Then again, Steve Bren is no stranger to crisis, and he has put his family through their fair share of scandal in the recent past. Although Bren’s Irvine-based Bacchus Development firm billed itself as “one of the premier commercial real estate firms in Orange County, they were forced to file for Chapter 11 bankruptcy last September. In addition, bad boy Steve Brin was facing drug possession, domestic violence and trespassing charges in Malibu. Since he is turning 50 next year, Steve Brin has gone from being a bad boy to being the black mark that stains the legacy of his family name.

AN AVENUE TO SUCCESS AND TAX PROBLEMS

Steve Bren felt abandoned by his successful father as a boy, and he once told an interviewer, “We were brought up without anything — anything.” He found his own success on the car racing circuit, becoming a two-time Long Beach Grand Prix winner. Although he qualified for the Indianapolis 500, he could never find a car for a qualifying run, and the billionaire father would not support the car-racing hobby of his son. Although he briefly worked for his father, Steve Bren found his own avenue to success when he opened the Newport Auto Center luxury car dealership in 1987.

LEGAL PROBLEMS AND BUSINESS SUCCESS

The legal troubles of Steve Bren developed side-by-side with his newfound business success. He was caught with eight street-illegal Porsche Speedsters on the dealership back lot and was tagged for violating environmental laws. Eventually, the lot was sold to a company owned by billionaire Wayne Huizenga in 1994.

SYMPATHY BUT NO HELP FROM BILLIONAIRE FATHER

Billionaire Donald Bren's Son In Tax Trouble

Billionaire Donald Bren's Son In Tax Trouble

After the recent bankruptcy of Bacchus, Donald Bren announced in a statement issued by the Irvine Co: “I sympathize with Steve… like many fellow Americans, overwhelmed by these extremely challenging financial circumstances…. I wish Steve nothing but the best as he works though this very difficult period.” The father remained silent in terms of the recent criminal charges. The Malibu court sentenced Steve Brin to both domestic violence counseling and drug counseling. If he finishes those counseling programs successfully, the charges will be dropped.

PROBLEMS WITH THE CALIFORNIA FRANCHISE TAX BOARD

The same result cannot be said to be a possibility when it comes to the Franchise Tax Board. As California’s 18th most delinquent taxpayer, Steve Bren will have to find a way to cover his tax bill in order to have the state tax lien lifted. Without the removal of the lien, his financial future and business life remain in permanent limbo.

THE POSSIBLE HELP OF THE TAX RESOLUTION INSTITUTE

By relying on the tax experience and the tax expertise of a company like the Tax Resolution Institute, Steve Bren could find actual tax relief and a solution to his tax problems. Since his billionaire father clearly is not swooping in for the rescue, Steve Brin will have to reach out for professional tax help.

Filed Under: Delinquent Tax Debts, Income Tax Problems, Tax Lien Problems, Tax Relief Tagged With: , , , , , , , , , , ,

The Success of Irvine and Payroll Tax Problems

April 22, 2010 By

Irvine, California, is quickly becoming one of the most successful and envied cities in America. Located in the heart of Southern California’s “Technology Coast” and Orange County, Irvine is renowned for its dynamic business environment. As a result, in the past ten years, there has been an explosion of new companies of all sizes in Irvine. During the present economic crunch, many of these new companies may be finding it hard to make ends meet. If a new company starts skipping on covering their payroll taxes, it quickly can become a tax nightmare, placing the future of the company in real jeopardy. With tax experts in Irvine and offices across Southern California, the Tax Resolution Institute is designed to help such companies survive and return to their prosperous ways.

The Price of Irvine's Success

The Price of Irvine's Success

Because of its good schools, jobs and housing, Irvine was chosen in 2008 by CNNMoney.com as the fourth best place to live in the United States. In June 2009, the FBI reported that Irvine had the lowest violent crime rate among cities in the United States with populations of more than 100,000. Finally, in August 2008 the Census Bureau ranked Irvine as having the seventh highest median income among cities in the United States with populations of more than 65,000. Irvine is home to a number of corporations, particularly in the technology sector. Irvine is home to many technology coast industrial clusters including medical device manufacturers, bio-medical companies, computer software and hardware companies, and automotive design firms.

Such success comes with a price, and young companies often expand too quickly. When the economy suddenly worsens, a young company often will take from Peter to pay Paul, improperly withholding payroll taxes. The Tax Resolution Institute specializes in bargaining with the IRS to reduce payment terms, extending payments over a manageable timeframe, and making arrangements for business operations to continue once a settlement is arranged that installs a payment structure.

The Demands of Payroll Taxes

The Demands of Payroll Taxes

If you are a company in Irvine with Payroll Tax Problems, you must remember that the IRS has the authority to place a federal tax lien on your company. Your creditors and clients are often either notified of the lien or learn about it through their working networks. As a direct result, your business will suffer, your credit rating will be affected, and your ability to obtain loans and working capital can vanish overnight. Before real trouble strikes, maintain the successful history of the Irvine business community by contacting the Tax Resolution Institute and addressing payroll tax problems.

Filed Under: Delinquent Tax Debts, Payroll Tax Problems, Tax Lien Problems, Tax Relief Tagged With: , , , , , , , , ,
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