When Toby Keith’s I Love This Bar & Grill paid back taxes owed to New York last week, they finally were able to wipe their slate clean.
As reported earlier this season, Toby Keith’s I Love This Bar & Grill location at Destiny USA mall in New York owed more than $250,000 in sales taxes to the state. Their debt is from their second, third and fourth quarters last year.
Originally the company has settled on paying back the debt through an installment plan, but decided to settle it due to bad press.
“On Wednesday afternoon, CRGE Newport News LLC doing business as Toby Keith’s I Love This Bar hadn’t yet paid food and beverage taxes to the city for March and April, said Newport News Commissioner of the Revenue Priscilla Bele. Bele didn’t reveal how much was owed because sales information could be derived from the numbers,” wrote Tidewater Biz reporter Tara Bozick.
The company faults an accounting error that caused the payments not to go through. When the company heard what had happened, they remedied the situation by paying the city back later that afternoon. Additionally, they provided an email from the city to verify the payment, and “the payment for May taxes was overnighted to the city,” wrote Bozick.
An Arizona-based chain, Capri Restaurant Group Enterprises (CRGE), owns and operates 16 Toby Keith I Love This Bar & Grill locations.
“Sales tax revenue from Toby Keith’s I Love This Bar and the Paragon movie theater complex, which includes three restaurants, is supposed to help reimburse the city for its contribution toward the $26 million construction cost of the City Center buildings housing those businesses, according to a previous Daily Press report. The city is repaying $4.3 million in bonds while the developer – a group of investors managed by Harvey Lindsay Commercial Real Estate – financed the rest” wrote Bozick.
Many restaurant owners face back taxes. If you or someone you know owes money to the IRS, contact the tax resolution specialists at U.S. Tax Shield today.