We’re definitely not envious of Robin Given’s current predicament by any means. Apparently, she owes the IRS $292,000. The debt seems to span all the way back to 1996. Now the Feds have gone to the local federal court in Tampa, FL.
According to Forbes :
In a lawsuit filed last week, the feds asked the federal court in Tampa, Fla. to enter a formal judgment against Givens on 39 separate assessments covering eight of the 12 calendar years through 2007. Such a court finding would make it easier for the Internal Revenue Service to try to collect the allegedly unpaid amounts through garnishing her earnings or levying her assets, such as bank accounts.
And that’s not all! Apparently, she’s had tax liens placed on her properties in New York, Florida, and California.
This is definitely the result of bad, bad financial management. Robin’s probably been given a lot of contractual work over the years. Contractual work is definitely easier on employers because they don’t have to shell out work compensation fees and various taxes. However, it shifts the burden of payment on the payee. Sounds like Robin blew her money without regards to taxes owed.
We can learn a few lessons from Robin:
• Don’t turn a blind eye to your taxes. It’s not optional.
• Accountants are your friends. Get the best, and they will keep more tax dollars in your pocket.
• Financial advisors are also your friends. They can teach you how to manage and invest your money if you do not have the discipline.
• Have healthy cash flow. If you have more money going out than you have coming in, then you have not mastered good cash flow and need to trim on liabilities. Forbes states that Robin has homes in NY and FL. It’s time for one of those to go, or she needs to rent one out.
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