Teresa Giudice is once again under the microscope regarding her finances. It was reported that the Real Housewives of New Jersey star and her current spouse, Luis Ruelas, owe a total of $3,037,255.2 in tax liens.
This is probably not a situation that Teresa would want to be in. In 2015, she served 11 months for mail, wire, and bankruptcy fraud. She and Joe Giudice also failed to file their tax returns at the time. And it’s been suggested that the RHONJ star might be made an example of in this matter. So what’s the reality for Teresa and Luis now? Will they be able to pay off their debts with the help of a Bravo paycheck?
Do Teresa Giudice and Luis Ruelas need reality TV and RHONJ to pay off tax?
The U.S. Sun shared an exclusive interview with Tax Controversy Attorney Adam Brewer in which he explained Teresa and Luis’ options. It should be noted that Adam has not worked with either reality TV star in this matter.
“Mainly we worry about late payment penalties,” he explained. “IRS is generally going to top out at 25 percent. She’s looking at paying past-due taxes plus current taxes at the same time. It really can put a crutch on you.”
Per the article, Teresa is still paying off a tax lien that she and Joe incurred in October 2015 for $551,563.30. That one includes the years 2000 through 2008 and 2013.
Adam said that the IRS has the power to garnish “wages” and “bank accounts” if the lien is not attended to. He hopes that Teresa and Luis have already set up a payment plan.
“If you’re not in a payment plan, if you don’t have some sort of formal agreement to pay it, then they can seize assets. The bank accounts and wages, that’s easy. They send out one letter to a bank or employer and seize the funds,” the lawyer stated.
Adam warned, “That’s definitely a risk if she’s not in a formal payment plan.” He advised that the IRS gives an “opportunity to resolve it.” Setting up a “repayment plan” is the “first thing you can do to protect yourself.”
If Teresa and Luis do not start paying the lien back on their own accord, the IRS would most likely go after wages over a physical asset. The couple’s $3,350,000 mansion is likely safe in this case.
Teresa and Luis are advised to set a repayment plan
Adam said, “Physical assets we don’t generally see. Especially if it’s a primary residence. You don’t see the states or IRS go after primary residences. It’s an inefficient process for them. They have to send out agents, to collect it they have to resell it. They’re not going to recoup a lot of money on it.”
However, the RHONJ couple has debt on the residence. Luis requested an extension for the $1 million loan on their $3, 350,000 estate in Montville, New Jersey after borrowing another $250,000.
That Bravo paycheck is looking to be more of a lifeline now. However, RHONJ is currently on hiatus. Teresa’s standing as a cast member is not secured.
