Monarch in tax debt

[amddude]

linky

Link should be fixed

 

[Queasy]

https://dklbweb.dekalbga.org/taxcommissioner/Display.asp?pin=3852176

 

[FoBoT]

the second link works now

 

[Queasy]

Originally posted by: FoBoT
both links are borked

Something about putting the link in to forum caused an extra http:// to be added. Weird.

 

[RKS]

I didn't go to any of the links but 44K isn't that big of a debt. They'll declare bankruptcy, liquidate, and move on.

 

[Queasy]

Originally posted by: RKS
I didn't go to any of the links but 44K isn't that big of a debt. They'll declare bankruptcy, liquidate, and move on.

It's not even delinquent debt at this point. It is what they owe in taxes for the year 2006.

Though, with things being the way they are at Monarch now, I don't see them paying it.

 

[SoLiDus88]

Whatever happened to monarch? I remember ordering from them a year back and they were great.

 

[MikeyIs4Dcats]

thats nothing. The paper here publsihes delinquent taxes for local businesses and many owed over $100k (restaurants and fitness clubs)

 

[HeroOfPellinor]

Originally posted by: Queasy
It's not even delinquent debt at this point. It is what they owe in taxes for the year 2006.

That's got to be only their payroll taxes. It's way too low.

 

[bennylong]

$44K? That's not a lot of tax.

 

[JeffreyLebowski]

That's property tax. They shouldn't have to pay it until February or March. Why pay it early when you can have that money in an investment making you money and you cash out when it's time to pay up.

 

[HeroOfPellinor]

Originally posted by: JeffreyLebowski
That's property tax. They shouldn't have to pay it until February or March. Why pay it early when you can have that money in an investment making you money and you cash out when it's time to pay up.

To claim it on the same return as your previous year's property tax. I'm not sure what the extra I paid would have drawn in interest for me, but I'm pretty sure the additional deduction on my taxes will amount to more.

 

[funboy6942]

Wow did the state get greedy with them or what? In short time it went from a few thousand dollars to 44K.

 

[Queasy]

Originally posted by: funboy42
Wow did the state get greedy with them or what? In short time it went from a few thousand dollars to 44K.

As your business grows, so do your tax responsibilities. It is one of the major impediments to small business in the USA.

 

[dullard]

Originally posted by: funboy42
Wow did the state get greedy with them or what? In short time it went from a few thousand dollars to 44K.

A $50,657 tax bill on property worth $2,788,297 is not greedy. It is a property tax rate of 1.817%. In comparison, I have a $3,500 tax bill each year on property worth $175,000. That is a 1.96% property tax rate. As you can see, Monarch isn't getting screwed.

What probably happened was that the state gave a major tax break to bring technology companies into the state. Those tax breaks are quite common and often last ~5 to 10 years. I bet that is what happened to Monarch and it is now being put back into the normal tax bracket.

 

[funboy6942]

Originally posted by: Queasy

Originally posted by: funboy42
Wow did the state get greedy with them or what? In short time it went from a few thousand dollars to 44K.

As your business grows, so do your tax responsibilities. It is one of the major impediments to small business in the USA.

Well that sux, you have a bad year, can't make your huge ass tax bill, and the state, or person, gets a kick ass building for cheap.

 

[eplebnista]

Interesting news!

 

[waggy]

Originally posted by: dullard

Originally posted by: funboy42
Wow did the state get greedy with them or what? In short time it went from a few thousand dollars to 44K.

A $50,657 tax bill on property worth $2,788,297 is not greedy. It is a property tax rate of 1.817%. In comparison, I have a $3,500 tax bill each year on property worth $175,000. That is a 1.96% property tax rate. As you can see, Monarch isn't getting screwed.

What probably happened was that the state gave a major tax break to bring technology companies into the state. Those tax breaks are quite common and often last ~5 to 10 years. I bet that is what happened to Monarch and it is now being put back into the normal tax bracket.

yeap.

they aren't getting screwed over at all.