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Oprah has her list, so why can’t I have mine? Here’s the list of my favorite financial things for 2010.
The Tax Man Cometh! (again)
Swizz Beatz Owes $2.2 Million In Back Taxes
Seriously, I’m opening up an office in NY or ATL and I’ll make it my personal mission to make sure that these guys stay out of trouble like this (and out of the tabloids)!
According to reports, SB owes $2.2 million in back taxes to the state of NY.
What’s owed:
- The IRS filed a $652,727 lien against Swizz Beatz, real name Kasseem Dean, on June 3 with the Rockland County (N.Y.) Clerk. According to the lien, which you can see here, he owes income taxes from 2008.
- The state of New York filed a $162,300 tax warrant against Dean and his ex-wife Feb. 4, 2009, with the New York County Clerk.
- The IRS filed a $556,986 lien against Dean and his ex-wife on Aug. 18, 2008, in Rockland County. They owe 2007 income taxes, according to this public record.
- The IRS filed an $842,645 lien against Dean and his ex-wife March 4, 2008, with the Somerset County (N.J.) Clerk. According to this lien, they owe income taxes from 2006.
I’m thinking that Alicia might want this cleared up before the wedding.
Now, anyone know a good realtor in Buckhead?
Uncle Sam to Sinbad: Not Funny!
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
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.
All the Right Moves
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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.
Sadly, no mulligans from the IRS
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?