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The Internal Revenue Service Files An Income Tax Lien Against Lindsay Lohan

January 13, 2012 By
Lindsay Lohan and the IRS Income Tax Lien

Lindsay Lohan and the IRS Income Tax Lien

Like so many celebrities in crisis before her, Lindsay Lohan is facing an IRS tax lien for nearly $94,000 that the federal government says she owes in delinquent income taxes. The Tax Resolution Institute has seen such celebrity cases again and again over the years as a result of poor financial management and zero tax planning. Records in Los Angeles County show the lien filed by the IRS at the beginning of 2012 seeking payment for the 2009 tax year.

According to Lohan’s publicist Steve Honig, the starlet’s finances are nobody’s business but her own. Then again, clearly the Internal Revenue Service has a very different perspective. If the actress knows what is good for her and learns from the dreadful experiences of Wesley Snipes and Nicholas Cage, she will hire a top tax professional and deal with the crisis at hand. Lohan is continuing to serve morgue duty to comply with her probation in a pair of misdemeanor cases so she has no more room for additional legal troubles.

Lohan claims that she thought her accountants were handling that sort of thing, and she says that she intends to pay the bill immediately. Her paycheck for recently posing nude in Playboy magazine ought to help. The Internal Revenue Service filed the tax lien against her home in Encino, according to E! Online. In full-tabloid mode for many years, clearly it is time for Lindsay Lohan to address her tax troubles and legal problems and put the bad news of the past behind her. Lohan found the time last week to go to the Chateau Marmont on Wednesday night and attend a party hosted by the Weinstein Co., to celebrate award season. If Lindsay Lohan wants to receive awards and not fines in the future, she should hire a proper financial management team and the tax experts at the Tax Resolution Institute to help her find the tax relief she clearly needs.

Filed Under: California Tax Relief, Tax Lien Problems, Tax Planning, Tax Relief Tagged With: , , , , ,

Protect Yourself By Knowing The Difference Between A Federal Notice Of Intent To Levy And An IRS CP-504 Notice

October 7, 2011 By

Thousands of Americans who owe back taxes to the Internal revenue Service ignore letters and notices about their tax debt. They just want their troubles to go away, but the IRS will never go away. If you owe back income taxes to the IRS, you may receive a CP-504 Notice. This IRS notice begins with the same message every time: “Urgent! We intend to levy Certain Assets.” Although it appears like the IRS is about to take action against you, this actually is not the case.

Mock-Up of CP-504 Notice From The IRS

Mock-Up of CP-504 Notice From The IRS

Yes, IRS actions against you are coming, but not right away and you still have time to act. Although you do need to take proactive steps, a CP-504 Notice is very different from a Notice Of Intent To Levy. Once you receive a Notice Of Intent To Levy from the IRS, you must take immediate action as opposed to a CP-504 Notice because the clock is ticking and definitive action will soon take place.

Unless you have a tax resolution professional on your side like the Tax Resolution Institute, the Internal Revenue Service will not turn off the glare once you are in their spotlight. If you have back income taxes to settle, contact us and learn the options that make sense for you and will lead to true tax resolution and tax relief. To levy your assets, the IRS must first issue a Notice Of Intent To Levy. The Internal Revenue Service will take addiction collection actions like issuing a Federal Tax Lien, a Wage Garnishment or an Asset Seizure.

Final Notice Means Action Must Be Taken

Final Notice Means Action Must Be Taken

If you have received a CP-504 Notice from the Internal Revenue Service, it is because you have not responded to several previous notices for payment of your delinquent tax bill. The notice may be issued even if you have received “hardship” status. Such “Currently Not Collectible” status needs to be verified with the IRS. Even if you have already worked out an installment plan, you still may receive such a notice. As the largest bureaucracy in the country, the right hand of the IRS does not always know what the left has been doing. The other problem is that a separate CP-504 notice may be issued for each tax period in which you owe back taxes.

What is essential to understand is that if you do not respond promptly to the CP-504 notice, the formal Notice of Intent to Levy will soon arrive in your mailbox. Before this potential disaster happens, please contact the Tax Resolution Institute. We have the experience and the expertise that you need to find real tax relief and peace of mind.

 

Filed Under: Income Tax Problems, IRS Tax Levy, Tax Relief, Tax Resolution Services Tagged With: , , , , , , ,

No Income Tax Goodfella: Director Martin Scorsese Hit With $2.85 Million Tax Lien By the Raging Bulls at the IRS

March 16, 2011 By

Traditional news media and online sources reported that Oscar-winning director Martin Scorsese has been hit with a $2.85 million back-tax bill and tax lien by the Internal Revenue Service. The IRS believes that Scorsese owes the huge IRS tax bill for back income taxes and related interest and penalties. Don’t forget that the interest on IRS delinquent tax debts are compounded daily. If you have been hit with a similar tax bill, contact the tax resolution services experts at the Tax Resolution Institute for help. Clearly, Martin Scorsese needs the very best in tax resolution services if he owes that much to the IRS.

Is the IRS talkin' to me about that income tax debt?

Is the IRS talkin' to me about that income tax debt?

According to an IRS tax lien notice delivered on Feb. 14, 2011 and recorded by the New York City’s finance department 11 days later, the IRS has first claim if the director sells any of his real estate holdings. What is frustrating is that Scorsese’s latest run-in with the taxman could stem from his prior business relationship with convicted fraudster Kenneth Starr, a financial adviser who stole money from a bevy of celebrity clients. The 68-year-old Goodfella dropped Starr as his money manager early last year, less than five months before Starr was busted for running a $33 million Ponzi scheme. Starr was sentenced last week to seven and a half years in federal prison.

The Taxi Driver director, who won an Academy Award for The Departed, lives in a $12 million Manhattan townhouse. Despite his personal success, Scorsese has had a series of IRS tax liens since 2002. For six months between 2002 and 2003, the IRS hit him with three tax liens that totaled nearly $1.9 million. The next year, New York State obtained a $149,437 tax judgment against him. According to his representatives, every past tax debt has been paid in full. Scorsese’s spokeswoman Leslee Dart said that the IRS tax lien is “a complete mistake” because the cinematic legend has resolved his delinquent income tax debt and no longer owes anything to the IRS or any state taxing agencies.

The IRS: Pay Your Income Taxes or Else!

The IRS: Pay Your Income Taxes or Else!

What is ironic is that the Los Angeles County Recorder’s Office recently recorded an $188,283.50 IRS tax lien against fellow Academy Award-winner Al Pacino for back income taxes dating from 2009 and 2008. Like Scorsese, Pacino’s official spokesperson claimed that the actor did not mean to overlook his income taxes and blamed former business manager Starr for the mistake.

As the biggest collection agency in the world, the IRS won’t take any excuses. It does not matter if you are a famous actor, a prominent director or a well-connected citizen.  If you owe a substantial tax debt to the Internal Revenue Service and you have had an IRS tax lien filed against you, they’ll do everything possible to collect it. Whether you live in California or New York, if you need tax resolution services, please contact the Tax Resolution Institute at 877-829-8370 or fill out our tax resolution form.

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

The IRS Begins The 2011 Tax Season Hardcore, Filing Tax Liens Against and Going After High Profile Individuals

January 21, 2011 By
Certainty of Death & Taxes and the IRS Wants You Alive and Paying

Certainty of Death & Taxes and the IRS Wants You Alive and Paying

The Internal Revenue Service began the 2011 tax season hardcore by going after the tax debts of several well-known celebrities with tax liens while continuing to punish the financially compromised and distressed middle-class. With the country still in economic crisis, IRS Revenue Officers are focusing on the collection of delinquent income taxes with a renewed vigor. Rappers and actors seem particularly to be under the microscope of IRS collections enforcement.

The Tax Resolution Institute believes that most high profile individuals and celebrities get in trouble with the IRS and delinquent tax debts because of poor business management. Not only does TRI offer the best in tax resolution services if you have back income taxes owed and unfiled tax returns, we also offer exceptional business management and tax planning services. Our game plan is simple: if you are in the spotlight and working hard to make your money, you should never find yourself in a tax crisis with the IRS.

The famous saying is that there are two certainties in life — death and taxes. To be blunt, a tax lien is only the beginning. the IRS does not want you dead because they want you working hard so you can pay them the taxes you owe, the penalties and the interest until you have nothing left. This is the job of an IRS Revenue Officer — to collect back income taxes at any cost. Don’t let this happen to you — contact TRI today to find real tax relief. Others say it: We do it! If you need tax resolution services, feel free to call the Tax Resolution Institute at 877-829-8370 or fill out our  tax resolution form.

Some of the High Profile Individuals allegedly starting 2011 with tax liens and other tax- related problems include the following:

Val Kilmer — The actor had a nearly $500,000 IRS tax lien filed against him.

Wyclef Jean — Singer and Former Haitian Presidential Candidate has 2.1 million in IRS tax liens filed against him.

Teri Polo — Known as Pam Focker from the Meet The Fockers movie series, she has an outstanding IRS tax lien of $116,620.

Randy Quaid — The Independence Day actor and brother of Dennis Quaid owes over $1 million in back taxes to the IRS.

Xzibit —The former Pimp My Ride television host and West Coast emcee owes the IRS $959,523 in back taxes.

Lil Jon — The Rapper and Music Producer had an IRS tax lien filed against him for $638,937 lien in June 2008, listing a $1.9 million oceanfront South Carolina home as his address. Unfortunately, the home was foreclosed on and sold in August 2010.

Swizz Beatz — The Producer Husband of singer Alicia Keyes owes Over $2.6 Million To IRS.

IRS Tax Lien Like A Target On Your Back

IRS Tax Lien Is Like A Target Stamped On Your Back

Filed Under: Tax Lien Problems, Tax Planning, Tax Relief Tagged With: , , ,

The Tax Resolution Institute Helps San Francisco Serial Entrepreneur With IRS Tax Debt Relief

September 29, 2010 By

When a Serial Entrepreneur in San Francisco found himself over-extended due to the recent recession and with serious IRS back debt due to back taxes owed, he came to the Tax Resolution Institute to save both his personal fortune and his reputation. By taking what could have turned into a major public and personal tax debt disaster with an IRS tax lien and eventual IRS tax levy, the tax resolution specialists at TRI, including our experienced IRS tax attorneys and IRS tax lawyers, were able to negotiate a combination of both an Offer in Compromise and an Installment Agreement to cover the multi-layered back income tax bill. By employing a variety of effective methods, TRI allowed the serial entrepreneur to continue to be an example of the American dream realized beyond the demands of the largest collection agency in the world, the Internal Revenue Service.

Entrepreneur Dogged By The IRS

Entrepreneur Dogged By The IRS

The American dream is a reflection of the entrepreneurial spirit expressed in the business world. By creating opportunity and transforming potential ideas into viable realities, the entrepreneur allows America to continue to prosper and expand its thriving consumer-based economy. A serial entrepreneur is not satisfied with a single successful venture, but rather moves from one venture to another, creating and investing in a road map of business ventures that eventually can turn into an empire. Often, a serial entrepreneur walks a fine line between capital and costs, investing the profits from one venture into the vision of the next.

The Serial Entrepreneur in San Francisco is a perfect example of such an important figure in the California economy who was caught in the sudden vise of the economic downturn. When the recession hit, several of his ventures went into the red at the same time while other new deals already invested in fell through, leaving the entrepreneur holding the bag. Although he was able to cover most of his debts, he found himself with a huge back income tax debt on income that no longer even existed. Even if the recession had wiped the income off the proverbial table, the Serial Entrepreneur still had to pay off a huge income tax bill. When his available funds dried up, he found himself with a looming delinquent tax bill and the IRS calling his office and his home, looking for answers.

Entrepreneur With IRS Tax Debts

San Francisco Entrepreneur With IRS Tax Debts

Luckily, the Serial Entrepreneur came to the Tax Resolution Institute and our tax resolution services specialists knew just how to handle his income tax case. Since the taxes owed were from different revenue streams, a multi-layered deal was able to be negotiated. First, an Offer in Compromise settled well-over half of the tax bill, saving the Serial Entrepreneur a lot of money and keeping his name out of the papers. By avoiding a tax lien and eventual tax levy, his reputation remained stainless and his anonymity protected. For the remaining portion of the back income tax bill, a tax attorney at TRI negotiated an Installment agreement that covered the rest of the back tax debt and allowed him to pay his delinquent tax bill over a reasonable period of time. Today, the Serial Entrepreneur is back on his feet and helping California to recover from the recession and enter the forefront of American success stories.

San Francisco Entrepreneur Finds Tax Resolution

San Francisco Entrepreneur Finds Tax Resolution

IF YOU ARE IN NEED OF TAX RESOLUTION SPECIALISTS TO SETTLE A BACK IRS TAX DEBT, CONTACT THE TAX RESOLUTION INSTITUTE TODAY FOR A FREE CONSULTATION BY CALLING TOLL FREE (877) 829-8370!  ONLY TAX ATTORNEYS AND CPAS WILL HANDLE YOUR CASE!

Filed Under: California Tax Relief, Tax Resolution Services Tagged With: , , , , , , ,

New Government Report: IRS Does Not Protect Taxpayers And Often Breaks Rules When Filing Tax Liens

July 30, 2010 By

When important tax news comes down the pipeline, the Tax Resolution Institute knows how essential it is to keep you informed. According to a new federal government report, the IRS does not always follow legal requirements when issuing liens and lien notices.  As a direct result, the report concludes that action is needed to protect taxpayer rights during the IRS lien process. The Treasury Inspector General for Tax Administration (TIGTA) issued the report.

The Treasury Inspector General For Tax Administration

The Treasury Inspector General For Tax Administration

A federal tax lien is issued when the IRS enters into the public record the extent of a taxpayer’s delinquent tax bill. What is most impressive is that the report details that the number of liens filed by the IRS more than tripled between 2000 and 2009, growing from 287,517 to 965,618. Yes, your eyes do not deceive you. In 2009 alone, the Internal Revenue Service filed just under a million tax liens in total. Many Americans clearly are in need of IRS tax relief.

As part of the lien attachment process, the IRS files a lien notice in the appropriate local government office to notify interested parties that an IRS tax lien exists on the funds and assets of the delinquent taxpayer. The IRS must notify the taxpayer within five business days of the filing of a lien notice that the lien has been filed. The taxpayer then has 30 days to request a hearing with the IRS Appeals office before the tax lien turns into a federal tax levy.

The Treasury Inspector General for Tax Administration (TIGTA) performs an annual audit to determine if the IRS is complying with the law regarding lien notifications and federal income taxes. This year’s audit, performed from Sept 2009 to March 2010, examined a statistically valid sample of actual lien notices sent during that period. Beyond several small statistical errors by the IRS, the study found that in 26% of the sampled liens, the IRS did not send lien notices to the taxpayers’ authorized representatives, usually a tax professional like the Tax Resolution Institute.

Federal law requires the IRS to provide the taxpayer’s representatives with copies of all correspondence sent to the taxpayer. In total, TIGTA estimates that 60.675 taxpayers may have been affected by not having their representatives properly notified of the filing of an IRS tax lien against the taxpayer. Since taxpayers in a tax crisis often do not pay proper attention to official correspondence from the IRS, it is essential that a Taxpayer’s representative be informed when a tax lien is filed.

IRS Mistakes And Federal Tax Liens

IRS Mistakes And Federal Tax Liens

Using a sample of 300 undelivered notices, TIGTA also found that 84% of the time IRS employees did not perform the required research within five business days to determine if the IRS had a different address on file for the taxpayer. The Treasury Inspector General for Tax Administration recommends that the IRS identify ways to correct these issues involving untimely and undelivered tax lien notices. The IRS already has responded by stating that it agrees with the recommendations and is planning corrective action.

If you have a Federal Tax Lien filed against you by the IRS, the time to take action is now before the lien becomes an IRS Tax Levy. Please contact the Tax Resolution Institute at (877) 829-8370 so we can examine your tax case and provide you with genuine tax relief if you fit into our guidelines. If we choose to take on your delinquent tax debt case, you will achieve the tax resolution you have been hoping to discover.

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

Business Man Sentenced For Evading Income Taxes In San Francisco and Las Vegas and For Poaching

June 8, 2010 By

At the end of May, a federal judge sentenced San Francisco businessman Luke Brugnara to 2 1/2 years in prison and ordered him to pay $1.9 million in back taxes for failing to report profits from real estate sales to the Internal Revenue Service from 2000 through 2002. Later in the week, Brugnara was sentenced to 15 months in federal prison for violating the Endangered Species Act by poaching steelhead trout, a term he will serve while also doing time for his income tax violations. U.S. District Judge Maxine Chesney imposed the sentence Wednesday after Brugnara pleaded guilty to illegally capturing the threatened species and making false statements to investigators.

Luke Brugnara Convicted For Evading Income taxes

Luke Brugnara Convicted For Evading Income taxes

The Tax Resolution Institute could not have helped Brugnara with the poaching conviction. If you repeatedly kill an endangered species, you are going to pay the price. However, if Brugnara had come to the tax experts at the Tax Resolution Institute for help with his back taxes before it became a legal case, real tax relief could have been achieved. There is no point in trying to hide big profits from the IRS, the largest collection agency in the world. Sooner or later, you will be caught and you will pay the price. Instead, by consulting a tax professional, you can discover a way to cover your tax debt without damaging your future financial viability and without breaking the law.

In the case of Brugnara, for years the San Francisco businessman flouted laws protecting endangered species and requiring the payment of income taxes. After making a small fortune in real estate, Brugnara filed false tax returns and failed to report more than $45 million in capital gains from the sale of real estate. The tax-evasion case against Brugnara dates back to 2000 through 2002. The criminally delinquent taxpayer did not report capital gains from the sale of four properties in San Francisco and one in Las Vegas. In addition, the indictment against Brugnara alleged that he did not properly report corporate income connected to his home mortgage, car loan and other personal payments.

IRS Prosecutes Tax Evasion In San Francisco and Las vegas

IRS Prosecutes Tax Evasion In San Francisco and Las vegas

Brugnara’s criminal behavior extended to his projects in both California and Nevada. After acquiring the Silver City Casino in Las Vegas, he sought a license from the Nevada Gaming Control Board. During its background investigation, the board found that he had not filed tax returns from 1991 though 1998. Court documents show that he also provided a lender with invoices from a nonexistent tax service and a false statement that he owned more than $400 million in artwork. If you try to evade paying your income taxes and break the law, both the IRS and the State Taxing Agencies eventually will catch up with you. If you are in tax trouble, please do not make the mistakes made by Luke Brugnara. Instead, contact the Tax Resolution Institute and find a tax relief solution today.

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

Poker Superstar Michael Mizrachi Has A Tax Lien Filed Against Him By The IRS And Owes $339,000 In Back Taxes

May 21, 2010 By
Poker Star Michael Mizrachi Owes Back Taxes

Poker Star Michael Mizrachi Owes Back Taxes

Michael “The Grinder” Mizrachi finds himself in a real serious bind these days.  The Sun Sentinel out of Fort Lauderdale reports that Mizrachi owes $339,000 in back taxes and had a tax lien filed against him by the IRS. In addition, Mizrachi lost his Hollywood, Florida home to foreclosure via an online auction last week.  Another home in Miramur was foreclosed on and sold as well, according to court records. Both properties were assessed this year at less than half of their purchase price. If Mizrachi had contacted a tax professional before the back tax debts with the IRS got out of control, he could have possibly saved the houses and avoided the bad press of the IRS tax lien filed against him.

Commenting on the matter, Michael Mizrachi would only say that his previous accountant was “doing a bad job” and that he had now “hired a better one” and was working on settling the liens. What Mizrachi needs is the  Financial stability is always going to be important to a poker player, as they are then able to focus their attentions on playing the game without all the extra pressures associated with cash flow problems.

Mizrachi’s tax attorney, Steven Chung, said, “Mr. Mizrachi is a victim of the real estate collapse and the recent recession. We are working to resolve his current situation, which was caused by the negligence of his previous professional advisors. We appreciate that several of his creditors, including the Internal Revenue Service, have been understanding and flexible.”

Mizrachi is part of Team UB.com, one of the biggest online poker rooms. From 2005 through 2007, Mizrachi was one of the top players in the game. After signaling the presence of a new star in the poker world by earning $325,000 in 2004, Mizrachi exploded in 2005 by finishing fifth at the World Poker Tour’s Jack Binion World Poker Open and winning the WPT’s L.A. Poker Classic less than a month later. The two final tables earned “The Grinder” over $2 million and pushed Mizrachi to cash seven times at the World Series of Poker that year. According to the HendonMob Database, Mizrachi has $7.1 million in tournament earnings in his career.

Michael Mizrachi's Poker Fame Does Not Stop The IRS

Michael Mizrachi's Poker Fame Does Not Stop The IRS

Mizrachi was active, however, in “swapping” pieces with other players in the poker community. The practice of “swapping,” where a player puts up a percentage of another player’s buy-in and earns that percentage back when a player cashes in a tournament, is something commonly done by poker players to hedge their expenses. The problem with the practice, as is known by poker players, is that the tax burdens go entirely to the winning player and the person who is on the other end of the “swap” doesn’t have any income taxes taken from his piece.

Mizrachi admits that he engaged in this practice and estimates that of the approximately $6.7 million he won from 2004 to 2007, approximately $3.7 million went to backers and “swapping” deals. As a result, Mizrachi owed a lot of taxes to the IRS on money that he was never able to actually bank. As time passed and he took no action, his tax debts led to tax liens and financial chaos.

Fellow poker pro Marc Levy of Boynton Beach pointed out the financial difficulties faced by many professional poker players these days, away from the glamorized media reports. As he explains: “If you’re in a $10,000 event every other week, that’s $240,000 just for buy-in, not to mention all your expenses. There are plenty of guys I know who do well playing poker but still go through their money.” Since professional poker players’ careers swing up and down in dramatic fashions, they often approach tax time with no money left to pay their income taxes. At this point, the job of a smart poker player is to leave the table and contact a smart tax professional like the tax experts at the Tax Resolution Institute.

If you’re facing an IRS Tax Lien, whether you’re a poker pro or not, the Tax Resolution Institute can help. Call 877-829-8370 today.

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

With A Tax Lien Filed Against Him In 2009, Rush Hour Star Chris Tucker Has A $3.6 Million Tax Bill In California

May 13, 2010 By

According to the Detroit News, less than a year ago, Chris Tucker, the Rush Hour star, had a $3,594,409 tax lien filed against him by California tax officials in Sacramento County Court. Tucker owes the taxes for the years 2001-02 and 2004-07 when he was actually making movies. Since he has not made a film since Rush Hour 3, it is hoped that Tucker saved enough from his $20 million dollar pay days to cover the tax lien. If not, the Rush Hour star with a criminal history could find some of his expensive luxury assets seized or he might have to have an auction like boxer Thomas Hearns to cover the tax bill. With a criminal history, Tucker needs to put these problems behind him.

Tax Lien Filed Against Chris Tucker

Tax Lien Filed Against Chris Tucker

Tucker is the latest celebrity to be named and shamed as indebted to the already financially struggling state. Finding fame in Friday with Ice Cube and the Rush Hour films with Jackie Chan, Tucker became infamous for being extremely difficult to work with on a movie set, throwing tantrums and screaming fits. Even though he has made millions in earnings he has failed to be compliant with California tax laws for several years now and that has just all caught up with him.

Since California is in such a drastic financial crisis, they are coming after delinquent taxpayers with a vengeance. The California Franchise Tax Board has been given a mission to collect all delinquent tax bills owed so they can help the state rescue itself from the financial crisis. Supposedly, Tucker has been talking to Ice Cube about starring in a third movie to complete the Friday. In addition, it has been rumored that Quentin Tarantino wants to make a war movie with Tucker and Brett Ratner is developing a film with Tucker about the personal valet to Frank Sinatra.

Chris Tucker Owes Back Taxes To California FTB

Chris Tucker Owes Back Taxes To California FTB

Without question, Tucker should hop on one of these movie roles and restock his finances. In addition, he should contact a tax professional like the tax experts at the Tax Resolution Institute. Beyond having experience helping high profile celebrities with tax problems, TRI knows how to provide wealthy individuals with effective financial and tax planning so nothing bad happens in the future. With a strong hand at the wheel, Chris Tucker’s financial life can steer right back on track.

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

Titanic Star Billy Zane Has A State Tax Lien For Over $115,000 Filed Against Him In California

May 11, 2010 By

Although Billy Zane achieved world-wide fame for playing the bad guy opposite Leonardo Dicaprio and Kate Winslet in the blockbuster James Cameron film, Titanic, the actor is sinking after crashing into a California Franchise Tax Board iceberg. California tax officials filed a state tax lien against Billy Zane after he fell behind on his payments concerning a back tax debt. As a result, the actor is in a serious tax crisis in regards to his delinquent state tax bill to the California Franchise Tax Board.

California Tax Lien Filed Against Billy Zane

California Tax Lien Filed Against Billy Zane

The Titanic co-star has had the state tax lien filed against him, accusing the actor of owing $116,578 in delinquent taxes. The demand was submitted by California tax bosses in the Los Angeles County to the LA County Recorder of Deeds on March 10, 2010. First reported by Perez Hilton on his tabloid gossip site, the tax lien against Billy Zane is one more example of Hollywood royalty failing to cover their tax bills and having their delinquent taxes lead to legal action by the state tax authorities.

Having recently starred in the ABC series, The Deep End, and rumored to be preparing for his directorial debut, Zane has made no comment in response to the tax lien. In a recent appearance at an Awards Ceremony in Los Angeles, Billy Zane was happy to discuss his debut behind the camera, but avoided answering any questions about the tax lien.

On April 16, speaking at the opening night of the Beverly Hills Film Festival, the Titanic star revealed he was directing a film set in France. He said: “I’m just putting the final touches to [my] directorial debut. [It's] about a French farce diamond-heist.” Although he was willing to discuss a fictional heist, he would not venture an opinion on his tax heist against California when the state is in real financial crisis.  When asked about the debut of his film, Zane laughed: “Hopefully we’ll see it shortly, I don’t know if it’ll be here, but somewhere.”

The Weight of a State Tax Lien

The Weight of a California FTB Tax Lien

If Billy Zane does not contact a tax professional like the tax experts at the Tax Resolution Institute, his California Tax Lien could be turned into a bank levy. As a result, he might not be able to show his film in the United States since it could even be seized as a possible asset, although such an asset seizure remains unlikely. Since the bill is not beyond the actor’s ability to pay it, Billy Zane should have the Tax Resolution Institute negotiate an Offer in Compromise on his tax debt and pay the delinquent tax bill off so the state tax lien can be removed. Only then, can Billy Zane avoid the tax iceberg of his nightmares and sail into the clear waters of future success as both an actor and a director.

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