SOURCE: Tax Resolution Institute

The logo for the Tax Resolution Institute, founded by Peter Stephan, providing tax relief & services

May 03, 2010 14:00 ET

Orange County Billionaire's Son Owes Over Two Million Dollars in Back Taxes

In the Franchise Tax Board's List of California's Most Delinquent Taxpayers, Former Long Beach Grand Prix Champion Steve Brin Finishes in the 18th Spot

LOS ANGELES, CA--(Marketwire - May 3, 2010) - When the California Franchise Tax Board released the annual list of the top 250 delinquent taxpayers, former Grand Prix Racing champion Steve Bren finished in the 18th spot. The son of billionaire Irvine Co. chairman Donald Bren, Steve Bren owes $2,209561.23 in personal income tax, and a state tax lien was filed on March 20, 2009. With the state in a financial crush, the California Franchise Tax Board is going after delinquent taxpayers with a renewed focus. By failing to contact a tax professional like the tax experts at the Tax Resolution Institute, Steve Bren allowed his private tax problem to become a public tax crisis.

Then again, Steve Bren is no stranger to crisis, and he has put his family through their fair share of scandal in the recent past. Although Bren's Irvine-based Bacchus Development firm billed itself as one of the premier commercial real estate firms in Orange County, they were forced to file for Chapter 11 bankruptcy last September. In addition, Steve Brin was facing drug possession, domestic violence and trespassing charges in Malibu.

BILLIONAIRE DONALD BREN REACTS TO HIS SON'S TROUBLES

After the recent bankruptcy of Bacchus, Donald Bren announced in a statement issued by the Irvine Company: "I sympathize with Steve... like many fellow Americans overwhelmed by these extremely challenging financial circumstances... I wish Steve nothing but the best as he works though this very difficult period." The Malibu court sentenced Steve Bren to both domestic violence counseling and drug counseling. If he finishes the counseling programs, the charges will be dropped.

The same result is not a possibility when it comes to the Franchise Tax Board. As California's 18th most delinquent taxpayer, Steve Bren will have to find a way to cover his tax bill. Without the removal of the tax lien, his financial future remains in permanent limbo. By relying on the tax experience and the tax expertise of a company like the Tax Resolution Institute, Steve Bren could find actual tax relief strategies and a solution to his tax problems. Since his billionaire father is not swooping in for the rescue, Steve Brin will have to reach out for professional tax help.

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