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.
This post was published on July 22, 2009