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Check with us about these strategies, as there are some states such as California that have higher franchise taxes on S-Corps, but usually materially less than the possible SE tax savings.
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Her publicist said she had "repeatedly attempted to offer re-payment plans and proposals to the IRS and the California Franchise Tax Board for taxes owed".
BBC: Dionne Warwick files for bankruptcy, owing $10m
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"In light of the magnitude of her tax liabilities, Warwick has repeatedly attempted to offer repayment plans and proposals to the IRS and the California Franchise Tax Board for taxes owed, " Sasaki said.
CNN: Dionne Warwick, down to $1,000 cash, files for bankruptcy
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The Rangers have been able to turn small profits on an operating basis, but once you factor in interest, taxes and depreciation the franchise has regularly posted net losses over the past decade.
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Earlier this year the California Franchise Tax Board sent delinquency letters demanding taxes, interest and penalties to 28, 000 taxpayers who had paid their state income taxes on time.
FORBES: Tax torture, local style
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And as part of any deal, it wants Congress to affirm that the states can't levy other taxes--such as a corporate income or franchise tax--on companies without facilities in a state.
FORBES: Magazine Article