Thursday, July 28, 2005

Wanna know why you need to pay your taxes?

Oh Mr. Taxman!

So we are trying to put out a term sheet (low six figures) for a small metal finishing company.............and of course they have some tax issues.........low 6 figures with a settlement in place that calls for 8 monthly payments of a low 5 figure sum.

Having said that, we need to make sure that the government is subordinate to us. We call up the tax dude and when he hears that this little company is getting "all of this money", he starts saying he wants larger payments.

We tell him that he cut a deal and if he doesn't stick to his deal, the chances of him seeing a dime of the back taxes are slim to nil..................let's see where this one goes.

Having said that, this is a company that employs about 10 people and keeps them off the welfare line. While the tax man is looking at potentially killing the company, it is also looking at killing about 12 jobs or about $10,000 a person.


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