A Los Angeles IRS bank levy issued to a Malibu-based film executive and independent producer led to a real need for tax resolution support. The Malibu-based film executive stopped paying his income taxes in 2012 when he transitioned into the role of an independent producer. Given his past influence as a powerful president of production, he was certain that his movie projects would become profitable productions within the year.
Delay Leads To Los Angeles IRS Bank Levy
Despite his past success as a film executive, he hit several financial brick walls when it came to getting his own film slate made. To begin with, a major actor attached to his first big production dropped out to take a role in a bigger studio project. Next, his overseas financing dried up when his international partners were hit with revenue problems in their native country. Suddenly, his slate of upcoming films entered the endless spiral of what is known in Hollywood as development hell.
When the film executive was faced with a huge 2012 tax bill, he decided to first take an extension until a deal materialized. When everything remained hot air, he failed to file in September and sat in his tax bill. Although he knew he would be penalized, he wanted to keep his remaining funds in his bank. He even liquidated his stock accounts to take profits in 2013, placing the money in a high yield savings account to help cover his costs.