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Don't let tax debt destroy your business

A former NFL star is learning the hard way that staying on top of paying taxes matters. Two of Kamerion Wimbley's restaurants in another state have been seized by the Department of Revenue for failure to pay taxes. He is not the only one facing the loss of his businesses over tax debt. This is an issue that may also affect business owners in Connecticut.

According to a recent news report, Mr. Wimbley owns two Wings & Things restaurants in his former home state of Kansas. Just recently, both locations were seized and padlocks put on the doors. The Department of Revenue plans to sell the assets of the businesses at auction in order to collect the funds owed, which are said to total over $82,000.

Kamerion is not going down without a fight, though. He released a statement saying that the issue is being addressed, and he plans on reopening the establishments soon. Any actions he does take will need to be swift if he wants to stop the planned auction.

At this point in time, it is unclear as to why Mr. Wimbley fell behind on paying his taxes. Was he handling the books on his own, or did he employ someone to take care of the financial aspects of his companies? There are so many variables; so many things that could explain the tax debt.

Business owners in Connecticut who have tax debt could, like Mr. Wimbley, lose their companies if they fail to pay Uncle Sam. To salvage their businesses, swift action is necessary. With the help of legal counsel, tax debts can be addressed and businesses hopefully left unscarred.

Source: kansas.com, "NFL star's two Wings & Things restaurants closed over tax issues", Denise Neil, Feb. 22, 2018

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