Save budds creek tax troubles

kzizok
Profile picture for user kzizok
Posts
8426
Joined
10/19/2010
Location
USA
kzizok 12/24/2016 9:39pm
12/24/2016 9:39pm
C_Class_Hero wrote:
So....I'm confused. Budds Creek owner says the IRS just showed up regarding backed taxes from 07 MXDN, but then continues on to say that he just...
So....I'm confused. Budds Creek owner says the IRS just showed up regarding backed taxes from 07 MXDN, but then continues on to say that he just barely managed to pay his property taxes by the skin of teeth, which would have occurred prior to the recent IRS tax bill? Consequently, he has been open for practice every day to try and make ends meet?

Property taxes have nothing to do with earnings or profits and are not the concern of the IRS. Therefore, does this mean that he has had a long running problem with property taxes and the recent IRS tax bill may well be the final nail in the coffin if someone doesn't throw some money tree seeds their way asap?
Agreed. That facebook post just screams there is more to this than meets the eye
steve_97060
Profile picture for user steve_97060
Posts
1400
Joined
10/4/2009
Location
Florence, AZ, USA
steve_97060 12/24/2016 9:39pm
12/24/2016 9:39pm
sounds like the property tax issue is a symptom of a larger issue, cash flow and/or profitability.
crusher773
Profile picture for user crusher773
Posts
2025
Joined
12/23/2009
Location
Coweta, OK, USA
crusher773 12/24/2016 10:28pm
12/24/2016 10:28pm Edited Date/Time 12/24/2016 10:34pm
Moto810 wrote:
Not sure, but as a business guy myself who knows a great deal about the IRS. I can assure you if you owe taxes it is...
Not sure, but as a business guy myself who knows a great deal about the IRS. I can assure you if you owe taxes it is because you made a profit and or like you said you collected sales tax and never passed to the state.

I am the first to say our government is taxing us to much and they also make it difficult. Some business owners just can keep their books straight because of the rules that favor the IRS 100%.
crusher773 wrote:
Here is your chance superstar step up and show everyone how it's done.
yak651 wrote:
Don't think he was being a superstar, but if you run a business keep your books straight and shouldn't have trouble? Or he should tell them...
Don't think he was being a superstar, but if you run a business keep your books straight and shouldn't have trouble? Or he should tell them he was just being smart like Trump and therefore he didn't have to pay taxes?
What I was getting at is this guy is always on here putting down track owners. I don't like him he has numerous posts running track owners down and talking about how good of a businessman he is. He has yet to sack up and run a track and show us all how it's done. According to him it's easy to do and a big money maker.

Anyway this sucks if Budds folds especially for you guys in that area. Nobody likes to see it. Everybody have a good Christmas.
Crush
Profile picture for user Crush
Posts
21129
Joined
4/26/2009
Location
Sydney, AU
Crush 12/24/2016 10:37pm
12/24/2016 10:37pm Edited Date/Time 12/25/2016 1:10am
If that dude, with that track and national, is having cash flow problems.... well pack it in folks. It's over.

The Shop

See All »
PJRAUS
Profile picture for user PJRAUS
Posts
1531
Joined
5/28/2016
Location
AU
PJRAUS 12/25/2016 1:01am
12/25/2016 1:01am
Crush wrote:
If that dude, with that track and national, is having cash flow problems.... well pack it in folks. It's over.
Yep!
Starcrossed
Profile picture for user Starcrossed
Posts
3161
Joined
4/16/2014
Location
New Bedford, MA, USA
Starcrossed 12/25/2016 1:32am
12/25/2016 1:32am
mxdude105 wrote:
I love Budds as much as the next mid atlantic motobro, and If the weather permits, I will make a trip down there this week. That...
I love Budds as much as the next mid atlantic motobro, and If the weather permits, I will make a trip down there this week. That being said, hire a good CPA and keep your shit straight. This is a business.
Not a bad suggestion, and since the IRS has already come calling, it would be wise to find a CPA who has knowledge and experience dealing with the IRS, tax liens, and penalty and interest abatement. I know just the person to handle these matters, who would probably help at a reduced rate in the interest of the entire moto community, including Mr. Beasley. If it has gotten to the point of the IRS showing up, that's not a good sign. Usually every attempt is made to resolve these matters through correspondence. When they show up it's often with the orange stickers. It is always best to keep them at arms length and give them as little a glimpse of your operation as possible. Visits are strongly discouraged.
chump6784
Profile picture for user chump6784
Posts
1776
Joined
5/9/2011
Location
AU
chump6784 12/25/2016 3:43am
12/25/2016 3:43am
If you are in business and have tax problems you don't have a good enough accountant. If the track is getting shut down old mate needs to sort his shit out
racerx217
Profile picture for user racerx217
Posts
1204
Joined
10/10/2008
Location
USA
racerx217 12/25/2016 4:49am
12/25/2016 4:49am
well the good news is,...... the auction starting bid will only be 31k. Someone with business sense will pick it up and run it im sure.
Justin345
Profile picture for user Justin345
Posts
643
Joined
6/26/2014
Location
Southern MD, MD, USA
Justin345 12/25/2016 4:56am
12/25/2016 4:56am


Moto810
Profile picture for user Moto810
Posts
815
Joined
1/25/2015
Location
Milton, WV, USA
Moto810 12/25/2016 9:11am
12/25/2016 9:11am
The IRS has nothing to do with parking lots or building permits. That is local government only. Those messages leave me scratching my head as to what is really going on there.
kzizok
Profile picture for user kzizok
Posts
8426
Joined
10/19/2010
Location
USA
kzizok 12/25/2016 9:23am
12/25/2016 9:23am
Wow! Someone needs to get him off of social media.
zlowery
Profile picture for user zlowery
Posts
212
Joined
12/6/2010
Location
Scenery Hill, PA, USA
zlowery 12/25/2016 9:31am
12/25/2016 9:31am
Can someone explain the whole bike theiving ring? Tags? Refering to license plates? From what i gather, people were taking pictures of license plates, getting owners addresses then stealing the bikes? Thats nuts...

Ive had nothing but good experiences coming down from PA to ride budds creek during the winter.
Myke
Profile picture for user Myke
Posts
2500
Joined
9/28/2009
Location
San Diego, CA, USA
Myke 12/25/2016 9:34am
12/25/2016 9:34am
kzizok wrote:
Wow! Someone needs to get him off of social media.
That's what I am thinking.

The only thing I read through this is he would like some more people to come ride to help pay his bills and he is not looking for donations.
cmf295
Profile picture for user cmf295
Posts
36
Joined
8/25/2013
Location
Mount Joy, PA, USA
cmf295 12/25/2016 10:02am
12/25/2016 10:02am
I thought Beasley only ran the day to day operations at Budds and the track was owned by a few investors.
lostboy819 12/25/2016 10:05am
12/25/2016 10:05am
Moto810 wrote:
The IRS has nothing to do with parking lots or building permits. That is local government only. Those messages leave me scratching my head as to...
The IRS has nothing to do with parking lots or building permits. That is local government only. Those messages leave me scratching my head as to what is really going on there.
But if he charged for parking and he generated revenue and didn't claim it then it is a tax problem, but I do agree he has more going on than this especially with things he is saying on social media. Sad
chuck317
Profile picture for user chuck317
Posts
792
Joined
4/1/2008
Location
Cleveland, TN, USA
chuck317 12/25/2016 10:06am
12/25/2016 10:06am
does he own the dirt track for race cars?
APLMAN99
Profile picture for user APLMAN99
Posts
12748
Joined
4/1/2008
Location
Tualatin, OR, USA
Fantasy
264th
APLMAN99 12/25/2016 10:51am
12/25/2016 10:51am
I can't imagine that the IRS simply shows up about an 8yo obligation/violation without having many, many incidences of correspondence beforehand. This couldn't have come as a complete surprise.

I'm told that they're open to payment plans, but they're less likely to be flexible if there isn't adequate communication or their inquiries are ignored.

Might actually be worth looking up one of those tax services that advertise on Sirius sports channels nonstop, like the one that always had Alan Thicke on it. Couldn't hurt to try!
Joe512
Profile picture for user Joe512
Posts
370
Joined
10/2/2016
Location
Conowingo, MD, USA
Joe512 12/25/2016 11:17am
12/25/2016 11:17am
Being in the construction industry in Maryland I understand the consequences of clearing that amount of land without proper storm water engineering and permits. The fines are far more then most of you would guess since Maryland is very strict on sediment run off working its way into the Chesapeake Bay. Anyway that makes sense that he would have to pay those fines and get behind on his taxes, the IRS and money owed from 07 confuses me and not really sure how these dots connect. Having had conversations with him before and watching strange things happen at Budds over the past year I just can't help but get the feeling there's more going on here. Personal issues that turned into financial issues? His post aren't helping..

Pit Row

See All »
lostboy819 12/25/2016 11:24am
12/25/2016 11:24am Edited Date/Time 12/25/2016 11:25am
Joe512 wrote:
Being in the construction industry in Maryland I understand the consequences of clearing that amount of land without proper storm water engineering and permits. The fines...
Being in the construction industry in Maryland I understand the consequences of clearing that amount of land without proper storm water engineering and permits. The fines are far more then most of you would guess since Maryland is very strict on sediment run off working its way into the Chesapeake Bay. Anyway that makes sense that he would have to pay those fines and get behind on his taxes, the IRS and money owed from 07 confuses me and not really sure how these dots connect. Having had conversations with him before and watching strange things happen at Budds over the past year I just can't help but get the feeling there's more going on here. Personal issues that turned into financial issues? His post aren't helping..
Didn't Travis Pastrana run into the same legal problems when he cleared out a bunch of his land ?
JustMX
Profile picture for user JustMX
Posts
5319
Joined
4/1/2008
Location
USA
JustMX 12/25/2016 11:35am
12/25/2016 11:35am
The thing that confuses me is that it is pretty well established from talking to knowledgeable people that after dealing with the owner of the mxdesnations events that there wasn't any money left for Beasley.

How could he have an irs tax problem on that event?
Radical
Profile picture for user Radical
Posts
2915
Joined
10/20/2012
Location
San Diego, CA, USA
Radical 12/25/2016 12:54pm
12/25/2016 12:54pm
If what he's saying is true, then he's paying mostly a fine with penalties, but that shouldn't be through the IRS.
One possibility is that he didn't report earnings from parking for the MXDN thinking that would help him not get caught clearing the trees.

He may have a deadline and trying to raise enough to pay off the tax bill or make a big payment in January.

We are all doing some serious speculating here!

Those within driving distance to the track, please Go Ride!
racerx217
Profile picture for user racerx217
Posts
1204
Joined
10/10/2008
Location
USA
racerx217 12/25/2016 4:57pm
12/25/2016 4:57pm
No matter how or why he owes the money who cares. Man up sell some of your assets pay the bill and move on. Its much easier than throwing yourself a pity party.
PRM31
Profile picture for user PRM31
Posts
3753
Joined
8/7/2009
Location
Northern, VA, USA
Fantasy
1240th
PRM31 12/25/2016 5:16pm
12/25/2016 5:16pm
From what I heard it was all due to clearing land and run off into the bay. He may not be the best business manager, but he's provided us all a great track. I hope it gets sorted out.
HardTaco
Profile picture for user HardTaco
Posts
333
Joined
10/15/2011
Location
USA
HardTaco 12/25/2016 7:03pm
12/25/2016 7:03pm


MX114
Profile picture for user MX114
Posts
742
Joined
12/30/2013
Location
USA
MX114 12/25/2016 7:53pm
12/25/2016 7:53pm Edited Date/Time 1/19/2017 2:44am
Great track but santa needs to take the social media away from Beasley this xmas.
kzizok
Profile picture for user kzizok
Posts
8426
Joined
10/19/2010
Location
USA
kzizok 12/25/2016 8:27pm
12/25/2016 8:27pm
HardTaco wrote:
[img]https://p.vitalmx.com/photos/forums/2016/12/25/165640/s1200_200_s.jpg[/img]


Rick James, bitch!
tprice07
Profile picture for user tprice07
Posts
2384
Joined
9/29/2009
Location
Fort Dodge, IA, USA
tprice07 12/26/2016 6:21am
12/26/2016 6:21am
I'll preface with this, I don't know the guy and he is probably super nice...but...

He inherited 158 acres in 2011 from Orie Beasley.
With an assessed value of $1,874,033 - $1,907,467.
He currently owes $20,821.24 (Due Jan 3, 2017)

It is great that the track is still around and I'm sure he wants to keep it in his family but maybe he needs to try something different. Based on his facebook posts, it appears he is in a tough place.

All that said I still have a hard time feeling sorry for a guy who inherited nearly $2 million in land and can't find a way to pay his property taxes.

sources:
https://www.gofundme.com/save-budds-creek-mx
http://www.stmarysmd.com/treasurer/taxes/taxbill2016.asp?TXSTATEID=04-000846
https://www.facebook.com/jonathan.beasley.102
http://sdat.dat.maryland.gov/RealProperty/Pages/viewdetails.aspx?County=19&SearchType=ACCT&District=04&AccountNumber=000846

mxb2
Profile picture for user mxb2
Posts
22437
Joined
6/15/2010
Location
Bowie, MD, USA
mxb2 12/26/2016 7:32am
12/26/2016 7:32am
tprice07 wrote:
I'll preface with this, I don't know the guy and he is probably super nice...but... He inherited 158 acres in 2011 from Orie Beasley. With an...
I'll preface with this, I don't know the guy and he is probably super nice...but...

He inherited 158 acres in 2011 from Orie Beasley.
With an assessed value of $1,874,033 - $1,907,467.
He currently owes $20,821.24 (Due Jan 3, 2017)

It is great that the track is still around and I'm sure he wants to keep it in his family but maybe he needs to try something different. Based on his facebook posts, it appears he is in a tough place.

All that said I still have a hard time feeling sorry for a guy who inherited nearly $2 million in land and can't find a way to pay his property taxes.

sources:
https://www.gofundme.com/save-budds-creek-mx
http://www.stmarysmd.com/treasurer/taxes/taxbill2016.asp?TXSTATEID=04-000846
https://www.facebook.com/jonathan.beasley.102
http://sdat.dat.maryland.gov/RealProperty/Pages/viewdetails.aspx?County=19&SearchType=ACCT&District=04&AccountNumber=000846

X2, he can sell the cars he posted about also. Go fund me account?, Really. Reward the irresponsible. Time to pay up or sell. Sucks but it's reality.
JB 19
Profile picture for user JB 19
Posts
4346
Joined
3/8/2009
Location
Marion, OH, USA
JB 19 12/26/2016 7:35am
12/26/2016 7:35am
lostboy819 wrote:
But if he charged for parking and he generated revenue and didn't claim it then it is a tax problem, but I do agree he has...
But if he charged for parking and he generated revenue and didn't claim it then it is a tax problem, but I do agree he has more going on than this especially with things he is saying on social media. Sad
I could see this having something to do with it. Let's just say that he might have parked 10,000 cars at a price of 10$ per car. That's 100,000$. If he didn't claim that income that could be a problem. Of course the parking lot cost money to build and we don't know how that was or wasn't reported.

Unfortunately, Jonathon Beasely has publicly made it known that he doesn't like the government or much to do with it so I hope this isn't something where he has been severely under reporting income and it has finally caught up to him.

Bragging about your exotic Porsche on Facebook while being investigated by the IRS is probably not a smart thing to do either. Do everything possible to avoid the Fed's.
Adam43
Profile picture for user Adam43
Posts
3312
Joined
8/16/2006
Location
WF
Adam43 12/26/2016 9:16am
12/26/2016 9:16am
He sounds unhinged.

Best of luck to those who do business with Budds.

Post a reply to: Save budds creek tax troubles