James Press, the Deputy Chief Executive of Chrysler, is now facing government tax liens due to his inability to pay off loans without his bonus paycheck.
Chrysler received $4 billion in government rescue loans in early January of 2009 to avoid collapse–the harsh conditions faced by Chrysler also led to the discontinuation of all managerial bonus payments.
According to Bloomberg News, “Due to the turmoil in the automobile industry and uncertainty surrounding our ownership, my request for bonus payment was denied,” Mr. Press said, after informing the Western Federal Credit Union that he would be unable to make two pending loan payments for $203,000, according to the lawsuit, portions of which were posted by The Detroit News on its Web page. “I am attempting to arrange for a loan against my future bonus with my employer, which would allow me to pay this loan off.”
If you suddenly lose one of your sources of income, you may find yourself in a similar situation as James Press. Instead of waiting to be chased after by the government with threats of tax liens and bank levies, seek tax help from a professional tax expert. Being proactive about your tax problems is the first step to a successful tax resolution.
Tax liens can be debilitating—if you are faced with an IRS problem such as back taxes, IRS penalties or interests, call our team of tax attorneys and IRS specialists who can help you find tax relief today! Free tax consultation – sign up on our website or call us at 866-IRS-PROBLEMS (866-477-7762).
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