Los Angeles CA (PRWEB) August 22, 2004
When bad things happen to famous peopleÂ IRS tax problems can be a potential career-ender for high profile, high-income individuals whose only fault may have been taking bad financial advice. Just ask Pete Rose, Willie Nelson or John Travolta.
In fact, the focus and concentration it takes to succeed as an entertainer, doctor, lawyer even a Certified Public Accountant often leaves little time to devote to overseeing the bookkeeper.
When celebrities fall behind on taxes, Travelers Tax Group specializes in working out a settlement with the IRS that benefits everyone, according to Patrick Oakes, company president.
ÂThe IRS takes out a lot of people Willie Nelson, Pete Rose, Mike Tyson, a lot of actors and boxers,Â he says. ÂWe have a lot of lawyers and doctors and dentists who are clients because they can be terrible about keeping track of the books; they are tops in their profession because of what they do, not because they know how to manage their finances.Â
Oakes says high-profile high earners often prefer to contact by phone his national team of lawyers, accountants and federally licensed enrolled agents at their offices in Los Angeles and Chicago rather than face the shame of tax trouble in their own circle.
ÂTax problems arenÂt something you talk about at cocktail parties,Â says Oakes. ÂItÂs an embarrassment. They want to be able to call somebody across the country that they know is competent to handle it for them directly with the IRS. They want to deal with it by phone; they donÂt want to have to walk into an office and feel self-conscious.Â
Unlike other tax services, Travelers Tax Group works with the IRS on a daily basis to classify its accounts receivable. In most cases, they present a settlement offer (called an offer in compromise) that satisfies the collection needs of the IRS while saving their clients thousands of dollars in back taxes, penalties and fees.
ÂThe one thing the government has to balance is, if you are a profitable person, youÂre going to add to the economy,Â says Oakes. ÂIf they throw you into a black hole of debt by coming after your liabilities, itÂs going to hurt the economy.Â
Travelers Tax Group has even represented CPAs caught in the IRS net. ÂYes, even CPAs can get into trouble. WeÂve had CPA clients. ThatÂs a pride thing there.Â