Dec 29, 2007

Tax debt- Have you seen National Treasure- Book of Secrets?

From the new movie "National Treasure- Book of Secrets:"

The supporting character, Riley Poole (played by Justin Bartha), runs afoul of the IRS after non-payment of taxes to the IRS. His earnings are implied to be from finding the treasure in the first movie, "National Treasure." At an apparently unsuccessful book signing, he notices his Red Ferrari being towed off. We find out that it is the IRS that has seized his car for non-payment of back taxes.

In the best line of the movie, Riley says to the main character Ben Gates (played by Nicolas Cage) in trying to explain why the IRS has seized his Ferrari, "What is the tax on $5 million (in income)- $6 million!!!"

It appears the seizure had proper timing with notices as this movie sets about a couple of years from the past movie. The seizure is highly probable if Riley did not make any attempt to pay his taxes or enter into some agreement based on his ability to pay. However, it would not look like a "repossession" as it did in the movie. The IRS would want you to know that it is seizing your property so that you would feel the enforcement.

At the end of the movie, the President of the United States returns the car to Riley with a note that says "tax-free." As we all know, this is highly unlikely in any case!!!

Enjoy this movie- it is better than the first and a load of action!

If you have problems similar to Riley, consult a very competent tax professional for advice- preferably now unless you want your Ferrari (or Ford) seized.

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