Uncle Sam to Sinbad: Not Funny!

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Yes...we interviewed Sinbad.

Comedian files for bankruptcy, owes more than $8 million in taxes

Sinbad, the popular 90′s comedian from the sitcom “A Different World” and also a former host of “Star Search” filed for bankruptcy this month and court filings indicate that he owes more than $8.15 million in delinquent federal taxes.

With the government desperately searching for revenue, it seems as though it is conducting its own “Star Search” for celebrities who haven’t been paying their taxes.  Celebs, you are easy targets so get your act together!

Black Eyed Freeze

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Some of band’s corporations suspended and its manager sued for failure to file tax returns

I’ve got a feeling…..that this is another case of a “business manager” that doesn’t know what he is doing.

The Peas’ business manager says that his failure to file taxes for the band was “inadvertent.”  What?

Ok, let’s put it like this.  There is a place for a business manager in sports and entertainment.  I work with a number or pro athletes and entertainers, but since I am their financial advisor, I don’t promote concerts, book tours, or handle marketing deals.  A business manager can do that.  But when it comes to important financial issues such as taxes, investments, retirement or estate planning, there needs to be a professional involved that focuses on those important issues.  What good is it to make a client money on a marketing deal, only to have it reduced by penalties and other fees for not paying the proper taxes.

They come to Pittsburgh in March.  Perhaps I’ll show them how a real financial advisor takes care of his clients.

BK Has It His Way

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Brian Kelly's offensive innovation and

 Cincinnati Coach Brian Kelly Bolts for Notre Dame, Proves BCS is Meaningless

As if we needed any more evidence that the college football system has everything to do with cash and nothing to do with the sport, Cincinnati head coach Brian Kelly leaves the school and takes the job at Notre Dame, just weeks before his UNDEFEATED, 3rd ranked team is set to play 5th ranked Florida in the Sugar Bowl.

I can understand jumping at the opportunity to take your dream job.  I can also understand bolting for the money, he has to feed his family you know.  What I don’t understand is how he could leave his team right before the biggest bowl game in its history.

Oh wait, yes I can.  The Sugar Bowl means NOTHING.  Cincinnati isn’t going to play for the national championship so the Sugar Bowl and every other non-national championship Bowl games are meaningless excuses to sell ads, beer and hotel rooms. I mean, do you remember (or care) who won the Papajohns.com Bowl last year.  Is there a  trophy for that (a giant dough roller perhaps)?  Do old guys tell their grandkids about rushing for 100 yards in the Motor City Bowl?  No.  The Bowl system in terrible.

Someone please make these Bowls into playoff games so that the post-season will mean something. Perhaps then, these student-athletes won’t have to worry about their coach being  whisked away by the highest bidder.

All the Right Moves

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[youtube=http://www.youtube.com/watch?v=CWN-67OvHSQ]

Whether you had a great 2009, or one you’d like to forget, we all have the opportunity to start fresh on January 1. But, before you hit the reset button, here are a few moves you may want to make with your dough before the end of the year.

Breaking Up is Hard to Do

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Charlie Weis

ND Fires Weis, Owes Him $18 million

Notre Dame finally admitted that it made a mistake by giving an accomplished, but unproven in college, head coach a TEN YEAR EXTENSION just SEVEN GAMES INTO HIS TENURE at the school.

That mistake appears to be very costly.  According to the Sporting News, Notre Dame owes Weis an $18 million buyout, plus $1 million for the guaranteed contracts of it’s coaches. Ouch!

By the way, the athetic director that hired Weis, after objecting to the Uinversity’s request to fire then coach Ty Willingham, left the school for Duke last year. Guess he saw this coming.

What’s the lesson here?  Stop taking regular jobs and find a job where you can sign a CONTRACT.  That way, even when they kick you to the curb, they will also have to throw out a big bag of money for you to land on.

Give Me Some Credit!

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Ok, folks…it’s time to settle the score.  You can’t just listen to what the funny commercials tell you to do.  Here’s how to really manage and improve your credit score.

Tiger Joins the Billionaire Boys Club

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Tiger Woods celebrates with the FedEx Cup in Atlanta

There’s good, there’s great, there’s freakin awesome…then there’s TIGER!

With his $10 million victory over the weekend in the PGA’s version of the playoffs, the FedEx Cup, the folks over at Forbes have calculated that the win put him over the billion dollar mark in career earnings.

Surely he’s popped a bottle or two over the years and spent a few of those duckets, so I’m not sure if this technically makes him a billionaire, but nevertheless, this is an AMAZING feat.  Keep in mind that he only turned pro 13 years ago.

I’m not sure that people who are not golfers or fans of golf really understand the magnitude of what Tiger is doing.  He plays a comparatively small number of tournaments, yet tops the money list every year.  He beat an entire field of the world’s best players on ONE LEG.  The list goes on… I know, he doesn’t get tackled on Sundays or dunk from the free throw line, but for the way he has totally DOMINATED his sport, he gets my vote as greatest athlete ever.  Oh, and he’ll probably play another 10 years!

This is excellence people. Yes, he’s been playing since he was two…that’s committment.  You too can be the best in the world at something!  Now stop reading this and get to work.

Sadly, no mulligans from the IRS

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CARY, NC - SEPTEMBER 25: Jim Thorpe watches his drive during the first round of the SAS Championship at Prestonwood Country Club held on September 25, 2009 in Cary, North Carolina.

Pro Golfer Jim Thorpe Faces Prison After Failing to Pay Income Taxes

Thorpe, who won three times on the PGA tour and has had even greater success on the champions tour, pleaded gulilty to failing to pay over $2 million in income taxes.

He faces a maximum of 2 years in prison and a $4.1 million fine.

Income tax  is one of the first things that professional athletes and entertainers must make sure is taken care of.  Aside from tax evasion being against the law, their returns are very easily targeted by the IRS.  Remember when Richard Hatch won Survivor and thought he could get away with not paying the taxes on his winnings?