- quote -

If anyone thinks the IRS is responsible for impaired family
relations in this outfit, I'd like to talk to him about this
bridge I'm selling.

- quote -

My advice to him would be to hire an EA. My advice to you
is to stay as far out of it as possible, and just catch up
when they're on "Springer."

Phil Marti
Topeka, KS

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tfandango wrote:

- quote -

Don't worry about it.

No, really. it's not your affair and I'm sure you don't
know the whole story.

A clue is the fact IRS could seize his assets for taxes.
These could not be income taxes of course, but probably
payroll taxes. Which certainly suggests that he ws deemed a
responsible party by IRS, most probably by dint of his being
an owner with fiscal jurisdiction over the bank accounts.

Notice an important clue in what you say... "he seems
resigned tonot do anything at all." AS Paul Harvy would
say, or ask, "What IS the rest of the story."

But... how can we possibly know?

ChEAr$,
Harlan Lunsford, EA n LA

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"tfandango" <troy[at]morpheus.net> wrote:

- quote -

My take based solely on what you've written is the same as
yours. Not sure why a third parties assets are being frozen
because of someone else's tax debt. As to the attorney
issue, well he's going to have to find a way, because he may
be getting to the point where non-attorney tax professionals
can help him. Either way, almost positive a substantial
retainer will be required.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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tfandango wrote:

- quote -

Based on your description, this sounds like a very
complicated "family" situation. I would stay out it!

MTW

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I have a friend (seriously, it's not me) who has several
million dollars in various assets and accounts. He has, in
the past, made the mistake of helping his parents start
several businesses and has also helped them out of several
ridiculous jams. I don't know the exact details, but it
appears as though he has done through his personal accounts
as opposed to setting up a corporation etc.

I know he has cosigned several business loans. I'm sure
he's done more as well, but I'm not privy to those details.

Long story short, his parents screwed up again and "forgot"
to pay a whole bunch of taxes (they sold several of these
businesses). So the IRS filed leins and liquidated every
one of his accounts. They say he'll get it all back when
the issue is resolved with his parents (who wasted all their
money). They also told him that this they did this because
they can (maybe it'll motivate his parents?) and that they
can heep his accounts frozen indefinitly. Needless to say,
this really put a damper on family relations.

It seems wrong to me that he should have his assets frozen
because his parents screwed up. He seems resigned to not do
anything about it either, so I thought I would try to figure
out if there is anything at all he could do? Obviously, he
can't afford to pay an attorney unless he could get access
to his accounts again... So, what is your advice?

Thanks!
T.

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