Taxation & Estate Planning

Who Owes the IRS

By Darrin Mish

Waco, Texas will forever be etched in our memory as the town where a deranged leader of the Davidian sect, David Koresh and his followers held themselves up in a house for 51 days before federal agents stormed the place in a daring rescue exercise which resulted in the deaths of Koresh, 54 adults and 21 children. Now there is another individual from Waco who has become known for all the wrong reasons.

Charles ?Doc? Anderson, Republican representative of Waco has been issued a lien by the IRS for failing to pay more than $58,000 in back taxes over the last 3 years. Furthermore, this is not the first incident of Anderson?s delinquency in paying taxes, it?s the third. For the residents of this small town in Texas, this revelation of the affairs of their public representative has been saddening.

To whom much has been given, much is expected. This saying holds true for all who hold public office. Seen from that angle, Anderson has let his electorate down. Yet for many who know him not just as a public figure but as a friend in this small Texas town, Anderson is still held as a man of integrity and honesty. The only reason left to explain his debacle with the IRS is therefore, human carelessness.

Speaking of carelessness, another individual has found himself in disfavor with the IRS whether through his own carelessness or the incompetence of his business manager. That man is Nicolas Cage.

According to reports, the famous actor owes about $128,000 in taxes on a Rhode Island mansion over the last 3 quarters, which he blames on wrong advice given to him by his then business manager, Samuel J. Levin. Last October, Cage sued Levin for $20 million for his negligence. The Rhode island property is not the only reason Cage owes the IRS money. The actor also owes several millions in personal income tax which has led to him selling several of his properties in an attempt to pay off the debt. The Rhode island mansion, valued at $12 million, is one of them.

Cage?s ex-business manager, Levin has himself counter sued, disclaiming personal responsibility for the actor?s financial malady. Instead, Levin contends that Cage?s tax problems is his own undoing that stems from a lavish lifestyle.

In both the cases of Anderson and Cage, carelessness is certainly a prime cause of their respective woes.

Darrin T. Mish is a veteran, nationally recognized tax attorney who has focused on providing IRS help to taxpayers for over a decade. He regularly travels the country training other attorneys, CPAs and enrolled agents on how to handle their toughest cases with the IRS. He is highly ranked among the top attorneys in the country, with an AV rating from Martindale-Hubbell and a perfect 10 on Avvo.com. Martindale-Hubbell has also honored him with a listing in their Bar Register of Preeminent Lawyers. He is a member of the American Society of IRS Problem Solvers and the Tax Freedom Institute. With clients on every continent but Antarctica, he has what it takes to solve your IRS problems no matter where you live in the world. If you would like more information about his practice and how he can help you, please call his office at (813) 229-7100 or toll free at 1-888-GET-MISH.

Who Owes the IRS is a post from: IRS Tax Problem Solver Blog - IRS Help

Full post as published by IRS Problem Solver Blog on January 16, 2010 (boomark / email).