With a record enforcement budget, the IRS is serious about collecting back taxes and penalizing those who have inadvertently or deliberately evaded their tax payments. A-list celebrities like Wesley Snipes, Paul Hogan, Reggie Bush and many others have faced severe IRS charges and penalties for evading large sums of tax payments.
The media loves to play up the distress of big-name tax evaders who have been caught by the IRS, but the truth is that IRS is just as aggressively pursuing the average taxpayer for unpaid back taxes.
Many people don’t realize that the Internal Revenue Service will just as gladly audit you or your next-door neighbor as they will a celebrity. So it’s important to read past the headlines and learn from these stories to get the tax relief and IRS help you need.
Among the lessons taxpayers can learn from celebrity tax troubles are the following:
* You can’t hide from tax obligations. Australian tax authorities claim “Crocodile Dundee” actor Paul Hogan owes them $39 million in back taxes and refused to let him leave the country after he returned for his mother’s funeral.
* Waiting to get tax help can ruin your financial future. Baseball great Jose Canseco did on $320,000 in back taxes and now has multiple liens on his assets.
* Don’t ignore your tax issues. Treasury Secretary Timothy Geithner was embarrassed in confirmation hearings by several tax discrepancies he hadn’t dealt with.
* IRS interest and penalties add up quickly. Football star Reggie Bush may owe as much as $200,000 in back taxes, interest, and penalties on an estimated $300,000 he allegedly received in illegal gifts.
* Take advantage of legal tax benefits. LeBron James did by moving to Florida, which has no state and local income tax.
For more Tax Relief Lessons Learned From Celebrity Tax Woes, visit http://www.taxresolution.com/Tax-Relief-Lessons-From-Celebrity-Tax-Evasion.asp
Tax Resolution Services, Co., is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Our tax attorneys, CPAs, and tax relief professionals have successfully resolved thousands of cases since 1998 and are committed to making sure our clients’ experiences exceed their expectations. For more information or to receive a FREE tax relief consultation, visit www.TaxResolution.com or call (888) 699-7630.
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