The Detroit News reported yesterday that former wrestler Steve Austin owes over $22,000 in back taxes to the state of California. With the economic downturn and with states and the federal government having budget shortfalls, non-compliant taxpayers are less likely to slip under the radar.
LA County filed a tax lien against Austin and the address was his former home in Malibu, which he sold in 2008 for a few million dollars.
Steve Austin’s tax bill is minimal compared to other celebrities, such as Wesley Snipes, Willie Nelson and Judy Garland.
A state or an IRS tax lien can have detrimental effects as it can impact your credit and if unresolved can lead to a tax levy or the government seizure of bank accounts, wages and other personal property. Taxpayers faced with a tax lien should work with a tax professional to help come up with the best plan of action for paying back taxes owed in order to get the lien removed.