Peter Thomas Confessed He Does Not Pay His Business Taxes: ‘I Have To Be Accountable’
Peter Thomas is taking accountability for his financial woes.
In a social media post on Monday, Thomas candidly confessed to neglecting his business tax obligations.
Speaking directly into the camera, Thomas, 63, began with heartfelt apologies directed towards his late father, mother, as well as his extended family and friends.
"I've did some wrong that I have to make right. I have to stand up, I have to be accountable, I have to be responsible and I have to pay my debt," he said. He also mentioned the ongoing IRS case initiated in early 2022, revealing that his tax liabilities extend over approximately ten years.
"From one struggling business to the next ... I failed to pay my withholding taxes on time. And at some point, when the business wasn't doing well, failed to pay at all," the former 'Real Housewives of Atlanta' star said. "It's something that I thought I could work out, catch up with, make whole. But then the hole got deeper for me."
The entrepreneur, who faced a $9 million dollar judgment due to unpaid rent for his unopened Miami restaurant, says he "deeply regrets, deeply, and I'm saying this with all sincerity, I deeply regret [not making] the IRS withholding taxes a priority in my life. With no excuses because there is none. It's the law. And I'm finding out a lot about that law lately."
He cautioned fellow business owners to prioritize ensuring they have adequate funds to cover employee salaries after fulfilling essential financial obligations such as utilities and rent.
"Make sure you can cover those withholding taxes. Make sure on the 20th of every month you pay those revenue taxes. When those things add up, Uncle Sam is your partner. They're not getting their piece, it keeps on adding up, it's gonna come and it's gonna bite you."
