Vivian Alexander Inc. files for bankruptcy protection
The company creates and sells purses, art sculptures, gifts and jeweled accessories.The court filings indicate that the company owes about $236,000 in taxes and penalties to the IRS, as well as around $2,763 in unemployment taxes to the Louisiana Department of Labor, about $6,868 in withholding taxes to the Louisiana Department of Revenue, nearly $11,000 to the Louisiana Department of Revenue for sales taxes and another $10,000 to the Vermilion Parish School Board for sales taxes.
Company President Alexander Caldwell said the filing is simply a way to restructure the company's business model. Caldwell said he has not lost any suppliers and continues to design and create new items, which will continue to be for sale.
The problems stemmed from the Faberge market collapsing in the early 2000s, Caldwell said.
"We had to cut back dramatically, but it's almost impossible to cut back that kind of production to a moderate level without having complete upheaval," Caldwell said. "We lost a lot of money in a very short period of time, and that loss has been sitting there for the last 10 years. We're not losing (money) now and we haven't been losing for several years. To make my present business model successful, I had to close out the Vivian Alexander Inc."
Caldwell went to say that he believes the filing and restructuring is a positive move that will allow him to focus on continuing to create products for local, regional and international customers.
Irs Opinion On Companies Lossing Money - News
The company creates and sells purses, art sculptures, gifts and jeweled accessories. The court filings indicate that the company owes about $236000 in taxes and penalties to the IRS, as well as around $2763 in unemployment taxes to the Louisiana
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Irs Opinion On Companies Lossing Money - Bookshelf
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What if You Miss the Tax Deadline?
What happens if you miss the tax filing deadline or do not file a tax return? What if you can't pay your taxes? You may have to pay penalties and fees.