Replies to post #100076 on Expo Holdings Inc. (EXPH)

[Kapla]

The statement is correct..The IRS is more than willing to work with the company to get the money owed.

Oh they sure are! And when the IRS is done, Expo Holdings will be the ones with nothing left but the skin on their back ;-)

[Kapla]

Do you know if they have contacted the IRS??

They do not need to contact the IRS, the IRS will contact that them, you can bet on that!

[Acc441]

veno....you really need to research the subject FURTHER...JD has placed the company in a horrible situation with the IRS....there are steps to be taken in order to qualify for an installment agreement.....first of all...the IRS will DEMAND payment in full....you see....by failing remit taxes exceeding $10K...and failing to remit for more than 1 period.. well ..that eliminates the 2 easier options.... now the process gets ramped up a bit.. D&D's situation bypasses the IRS Field Agent level..it's UGLY veno....U G L Y

The time to simply pick up the phone and call the IRS for an installment agreement has LONG since passed you by...the IRS is looking at the alternative methods....JD has 3 choices now....

1) Remit the entire balance in full immediately
2) Expose the company to a full blown audit in hopes of reaching an installment agreement.
3)continue to ignore the IRS


Remit the balance in full IMMEDIATELY would be the recommended way to handle this.

An audit would expose many,many...*er*...NEGATIVE things and more than likely result in ADDITIONAL TAXES/PENALTIES....BET ON IT! You see... JD has let this go too far...too long...the IRS liens lay claim to every asset....INCLUDING RECEIVABLES...the SHAREHOLDER ADVANCES are RECEIVABLES....OOPS. Ironic...DON'T YOU THINK?

Once the IRS feels they can make a case for slapping JD/glenn(and maybe OTHERS) with the Trust fund tax penalty...and once the IRS has a COMREHENSIVE list of assets held by JD/Glenn(and maybe OTHERS)...well...that's when the fun starts.

Wilkes Holdings anyone??

[Acc441]

veno...if not for a message board you would not have knowledge of the $127k- and GROWING tax liens.


Ignorance is a rather expensive way to achieve bliss....no?

[Santa Barbara Broker]

Oh..and there are many links to this topic that do actually say what the IRS does allow in this situation..Here is one quote if a company has failed to pay back payroll taxes..

I would have given you the benefit of the doubt that you were simply mistaken as opposed to purposely obfuscating the situation had you not utilized a statement from the IRS on PERSONAL INCOME TAXES and then purposefully misrepresented it as "a company (failing) to pay back payroll taxes". Here is the exact site you drew that misinformative statement from as it clearly pertains to PERSONAL income tax and NOT 941 business tax levies:

http://www.irs.gov/taxtopics/tc201.html

Expo Holdings had the opportunity to contact the IRS many times prior to the lien being filed and as a business had ONE CLEARLY SPECIFIED LAST OPPORTUNITY to set up a payment plan WHEN the lien was filed. Brown or Harrs could have done so "upon the filing of the lien". But they freely chose NOT ONLY to NOT pay back the monies they stole from the US Treasury, but to NOT RESPOND TO THE IRS AT ALL (see below). Therefore, as explained below, they have had a lien placed on their property and the opportunity has obviously passed in which to apply for a payment plan. Primae facia evidence they will apparently NOT be receiving the opportunity to negotiate said "payment plan" at any time now or in the future. And soon, the government will move in and levy their property for sale at auction and collection. HERE are the actual facts on a federal tax lien on a BUSINESS for witholding tax violations. It would appear it has long passed the time for negotiations between the IRS and Expo Holdings, Inc.:

Notice of Federal Tax Lien gives the Internal Revenue Service (IRS) legal ownership over your property as payment for tax liability. The tax lien certificate may be filed if and only if (1) the IRS assesses your tax debt, (2) the IRS notifies you and sends a demand for payment, and (3) you do not respond in payment within 10 days of notification.

The tax lien certificate grants legal claim to the IRS over all of your property and removes your rights to the property. Your creditors will be notified of the lien, and your credit rating may be harmed. You likely will have difficulty securing a loan.

Tax Lien Release

Fortunately, the notice is in place only until you take action to release it. Your Notice of Federal Tax Lien will be released within 30 days if you pay your debt, have it adjusted appropriately, or provide an accepted bond that guarantees payment.

A lien can be withdrawn if it is determined that the filing was not done according to procedure, if you elect to participate in a payment plan upon the filing of the lien, (A situation which Brown and Harrs have CLEARLY chosen NOT to do as the lien was filed 8-2-2011 nearly three (3) weeks ago) if payment can be made more quickly otherwise, or if it would be in the best interest of both you and the IRS to do so. Additionally, you have the right to appeal the filing.

You do not want to find yourself with a Notice of Federal Tax Lien over your property. If you do, it is in your best interest to have it released as soon as possible.

Bank Levy

A bank levy essentially funnels the money in your bank account(s) to the IRS. When the IRS serves a levy to your financial institution, all of the money in your account(s) at that moment, up to the amount that you owe in tax debt, is removed by the bank. Leaving you little or nothing, the bank must send this money to the IRS. Even the interest earned during the transition time must be sent.

It is very difficult to get a refund after your money has been seized by the IRS. Fortunately, there is a holding period of 21 days before the bank sends your money, during which time it is crucial that you work with a tax expert to implement a new solution for reconciling your tax debt. (Yeah, but it looks like time's up. NOTE: non-essential material has been deleted from this article for publishing here).

http://www.debthelp.com/tax-help/tax-lien.html

So, as I have been saying all along: EXPO HOLDINGS IS BROKE. What pathetic and paltry amounts they MAY have had have now been seized. PERIOD. And as been clearly shown, the possibility of a "payment plan" while once available and offered to Brown and Harrs was clearly rejected and is, if statutes are to be interpreted as presented, NO LONGER A POSSIBILITY despite what obfuscations and prevarications may otherwise be indicating. Business tax law where it relates to fiduciary obligations of officers in a corporation and personal tax law are drastically different. Where any and all possibilities may be given by the IRS for personal tax restitutions, business applications are far more stringent. All IMHO.