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John Lynch, chief executive of U-T San Diego, says that today (Nov. 6) he is paying a penalty amount to clear up a default on property taxes. San Diego County Treasurer-Tax Collector records show that the Lynch Family Trust has defaulted on $25,332.90 of property taxes. Says Lynch, "My tax accountant informed me that my first real estate tax payment was received late in 2011. (I don't know why.) They cashed the check and placed in a suspense account. The second installment was paid on time but also placed in a suspense account. The problem is that due to computer problems, they never informed us. A few weeks ago my tax account received a bill for $4,400 or so for penalties. We protested. In light of all, I paid the penalty amount today and will be released from the suspense account." Lynch says he was not living in the house for a year; he was renting it out and living downtown. "The accounting was not handled well by both my advisers and the Treasurer."
John Lynch, chief executive of U-T San Diego, says that today (Nov. 6) he is paying a penalty amount to clear up a default on property taxes. San Diego County Treasurer-Tax Collector records show that the Lynch Family Trust has defaulted on $25,332.90 of property taxes. Says Lynch, "My tax accountant informed me that my first real estate tax payment was received late in 2011. (I don't know why.) They cashed the check and placed in a suspense account. The second installment was paid on time but also placed in a suspense account. The problem is that due to computer problems, they never informed us. A few weeks ago my tax account received a bill for $4,400 or so for penalties. We protested. In light of all, I paid the penalty amount today and will be released from the suspense account." Lynch says he was not living in the house for a year; he was renting it out and living downtown. "The accounting was not handled well by both my advisers and the Treasurer."