"FRAME OFF" Has Begun - Wish Me Luck! - Pics

[ERBSIX]

Originally Posted by watahyahknow

dont think there that far yet urbsix there just want a ****load of money from wat i understand there not "yet" trying to sell his stuff off

Well, that's why he needs to beat them to the punch.

Normally when these inquiries begin, they lock down all your assets so you cannot sell them.

If they have not done that yet, then he could sell this truck for next to nothing to a family member or something (the IRS will only see the year of the truck probably) and he won't have to lose it.

They WILL work out a payment plan once he proves he has few assets or cash on hand.

A good tax attorney can help you with this.

I worked as a paralegal for one here in Missouri.

[Rack Man]

They are not forcing the sale of it (yet)...but the "negotiated" amount I need to pay has to be a lump sum amount ($32k).....I have 90 days to come up with the payment. They are waiving the penalties and interest and lowered the tax amount based on me making them a "full and final" payment......My old partner is worse off than me....he has no real assets left to sell and just got done going through a divorce.....Whats crazy is, the amount of taxes that we did pay for those years ....a ridiculous amount!....we did everything virtually by the books (or we thought)....Its almost impossible for a small business to survive with all of the tax obligations these days....THE MAN WANTS IT ALL!

Its been a rough couple years...I picked a bad time to do this resto...I started it right at the plummet....now this!

Really the only other thing I could do is take a loan against my Daily Driver (2006 F-250) as I own it free and clear....but then I have another payment with interest that I really don't need!



RM

[sdailey]

Dan,

I'm so sorry to hear about this. I hope things work out for you.

Take care.

[ERBSIX]

Originally Posted by Rack Man

They are not forcing the sale of it (yet)...but the "negotiated" amount I need to pay has to be a lump sum amount ($32k).....I have 90 days to come up with the payment

I like the bald chicken analogy, and that's what I'm going for here.

The IRS will have no idea how much that truck is worth.

Sell it for $1,000 and then show you have no more assets to collect on.

Just like everything in the world, when the Government sees you have no money, or that your expenses exceed your income, they almost always leave you alone.

The tax attorney I worked for got people delayed and deferred payment plans who made hundreds of thousands of dollars. We hardly ever had to do a lump sum payment because they showed a massive amount of payments which sapped the income...

Anyway, I hope your Attorney and CPA are taking good care of you.

[watahyahknow]

this sucks badly i had my own busness for a short perioud and decided never again for the same reasons , a good bookkeeper is worth its weight in gold .
isnt there any way to lay the full responcibillity at the partner?

not saying this as in hurting him but its more like the saying you cant pluck a bald chicken ...... he doesnt own anything valuble and if he did his wife prolly allready took it , while there at it and once there done with him you can help him underneat the table financially and prolly be off a lot better

any indications that the ex made this thing happen in the first place ?

[Rack Man]

Could I put this off for a long time?....Aboslutely!.....Do I want to...No!....My share of the tax amount is nearly triple than what they are willing to accept if I come up with the cash now....If not, I will owe the original amount plus penalties and interest....and the longer I put it off the more penalties and interest I will owe....I do have some other assets and some cash in the bank so I just want to make it go away...I'm also done paying attornies on this nightmare!....Then they can rot in hell!




RM

[msgross]

well congrats on the TOTM and i'm sorry to hear that she's up for sale now but we understand what has to be done. Small Business is very tricky in deed, I think that i'd incorporate or LLC if I ever start up something. Good luck on the sale and maybe another opportunity will arise in the future...

Can you get it into a local classic car auction?

[1985-GMC]

Man that makes me sick. Is there anyway you could sell the ford and keep the chevy as your daily driver, that's what I would do but since its a single cab I don't know if you can do that. Im really sorry to hear that man!

[Rack Man]

[1985-GMC]

Man that really sucks, hopefully you got a good price for it.

[gcburdic]

I regretfully say that I'm glad you sold it....sounds like it had to be done.... did it go to a board member??

[mcbassin]

Sorry you had to sell the truck. Congrats on getting what you needed out of it hopefully. I totally understand the idea of getting them paid off now for a settlement. Good luck with your future build, I'm sure THE MAN can hold your skills down.

[Rack Man]

I took a bath on it.....but in this economy its about what I expected!.....It did not go to a board member....Though he did like what he saw here when he was checking out my build thread.....So maybe he'll become a member!.....Its going down to the San Diego area.....A good guy named Andy got it.....


Bittersweet for sure...but it had to go!.....Now I can pay my bill and move on with my life!


RM

[ERBSIX]

Originally Posted by Rack Man

Bittersweet for sure...but it had to go!.....Now I can pay my bill and move on with my life!

K... Now what are you going to build???

[yote1234]

sorry about your misfortune!!! it is a very nice truck. being a owner of a small bussiness i do understand. thats what happened to my 69 lamans z/28, and 67 427 vette..

[nyncompute]

Just wanted to say that I loved the truck and what you did with it. In the end though...just a hunk of metal- and when things are right, I hope you can jump back in with another project if the timing and finances etc. are right.
Thanks also for the time you put into that build thread. It was a good read.
Nyn

P.S. Just think now you don't have to sweat every rainy, tarry, road fouling up your undercarriage. Or die a thousand deaths with rock chips in that beautiful paint .

[JackB]

For sale on ebay $43,500
https://www.ebay.com/itm/1970-Chevro...BbhKmA&vxp=mtr

[67 k20 firetruck]

Rackman...Just read the entire build after working a 15 hour shift. I have 25+ yrs as a small business man. I respect your integrity. Your truck/build is such an inspiration. Best of Luck to you.

[sdailey]

Definitely a bitter-sweet ending. Sorry you had to sell it, but thankful that you sold it as quick as you did. Get this tax mess behind you and build another one. The second time around should be easier, right?

Good luck with any future projects.

[Blazerowner]

The IRS can be relentless. Being a CPA myself I’ve seen them close businesses down because penalties and interest can rack up.