Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Celebrity Tax Lore
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Stephen King: ‘Why Am I Not Paying 50% Tax?’
The Daily Caller, Stephen King Doesn’t Think His Taxes Are High Enough: [A]s a rich person I pay 28% tax. What I want to ask you is why am I not paying fifty? Stephen King What I want to ask you, Stephen King, is… who’s stopping you? If you don’t think you’re giving enough of your…
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Raging IRS: Martin Scorsese, Al Pacino Hit With Tax Liens
Movie director Martin Scorsese ($2.85 million) and actor Al Pacino ($188,000) have been hit with IRS tax liens, apparently arising at least in part from their association with convicted celebrity accountant Kenneth Starr. ABC News Accounting Today New York Post Perez Hilton TMZ (Hat Tip: Bob Kamman.)
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Wesley Snipes Seeks Supreme Court Review of His Tax Convictions
Wesley Snipes, who is serving his three-year sentence on three counts of willful failure to file tax returns under § 7203, filed a cert. petition with the U.S. Supreme Court raising these two issues: Is an accused person deprived of the right under Article III and the Sixth Amendment to be tried only by a jury of the community where venue…
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Death of Duke Snider: Baseball Great, Tax Scofflaw
From the New York Times obituary of Brooklyn and Los Angeles Dodger Hall of Famer Duke Snider, who died yesterday at the age of 84: Snider returned to Brooklyn on a sad note on July 20, 1995, when he appeared in federal court, a couple of miles from where Ebbets Field once stood, as a criminal…
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Oscar Swag Bags to Result in $100k Income to Celebrity Presenters
Tonight’s Oscars have lost a bit of their buzz because of the tax consequences of the swag bags received by the celebrity presenters — worth a record $100,000 this year. From IRS and Hollywood Reach Accord on Gift Bags: The IRS [has] launched an outreach campaign to the entertainment industry regarding the taxability of gift bags…
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A-Rod Uses Loophole to Pay $1,200 Property Tax on $6 Million Condo
From the New York Daily News: Yankees star Alex Rodriguez will pay virtually no property tax for a $6 million apartment he is buying on the upper West Side. Rodriguez will be billed around $1,200 this year in real estate tax for his 3,000-square-foot, five-bedroom penthouse with spectacular views of the Hudson River. Over the…
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Tax Court Denies Deduction for TV News Anchor’s Clothing Expenses
The Tax Court yesterday denied business expense deductions claimed by a TV news anchor for her wardrobe and other personal expenses and sustained accuracy-related penalties. Hamper v. Commissioner, T.C. Summ. Op. 2011-17 (Feb. 25, 2011) (citations omitted): On Schedules A of her Federal income tax returns for the years at issue, petitioner claimed deductions for unreimbursed employee…
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MSNBC Calls Congressmen Who Sleep in Their Offices ‘Tax Criminals’
Do Congressmen Who Sleep in Their Offices Receive a Taxable Fringe Benefit? (Feb. 12, 2011) Maule: The Tax Consequences of Congressional Sleepovers (Feb. 14, 2011) (Hat Tip: Michael Cahill.)
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Crystal Cathedral CFO Resigns Amidst Questions Over $132k Housing Allowance
Following up on my prior post, Bankruptcy Trustee Questions Crystal Cathedral CFO’s $132k Housing Allowance (Nov. 10, 2010): the Crystal Cathedral’s CFO has retired after 33 years working for the megachurch, following revelations that he drew a $132,000 annual housing allowance and a $12,000 annual salary. L.A. Times MSNBC
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Celebrity Tax Scofflaws: A Pictorial Guide
Boston Globe, Tax Scandals of the Rich and Famous: Tax season is right around the corner, and you may be thinking about extra ways to shave down your tax bill. Take a look back at some high-profile examples of how trying to cheat the tax man is usually not a good idea. Here are [over…
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Taxing Twitter
Twitter is demanding huge tax incentives to remain in San Francisco. Accounting Today, Twitter Wants Big Tax Breaks Just Means, Twitter’s San Francisco Shenanigans San Francisco Chronicle, Tax Break to Twitter Makes Sense San Francisco Examiner, Legislation Offers Tax Break to Keep Twitter in San Francisco TG Daily, Extortionist Twitter Demands Massive Tax Breaks
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Al Sharpton Faces New $360k IRS Tax Lien
Following up on my prior posts (links below): New York Post, New Tax Tab for Rev. Al: The Rev. Al Sharpton, who has vowed to clean up his fiscal house, has a new tax lien to pay. Sharpton owes $359,973 to the IRS for 2009 personal income tax, according to documents on file with the…
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The Tax Super Bowl: Pittsburgh Over Green Bay (But Both Would Lose to Dallas)
Weekend Wall Street Journal editorial, The Tax Bowl: Roethlisberger vs. Rodgers vs. Romo: We won’t predict the winner of this Sunday’s Super Bowl between the Pittsburgh Steelers and Green Bay Packers. But we can report this much: The Steelers will get to keep a lot more of their season earnings, though both team’s players would be…
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Clint Eastwood on the Flat Tax
Wall Street Journal Weekend Interview, A Hollywood Icon Lays Down the Law: As he takes on the story of J. Edgar Hoover, the filmmaker talks about movie lawmen, his Korean War days and the flat tax. … “But I’ll tell you when I liked [California Governor Jerry Brown]—and I wasn’t a registered Democrat—but I liked…
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Oprah Hates Writing Checks to the IRS (She Takes a Shot of Tequila)
Accounting Today, Oprah Hates Writing Checks to the IRS L.A. Times, Oprah Winfrey Tells Piers Morgan She Hates Writing Checks to the IRS Washington Examiner, Oprah Talks to Piers Morgan About Paying Taxes: Its a Tequila Signing Ceremony
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New York City Charges Alec Baldwin With Evading Tax on Residents
New York Daily News, City Takes Aim at Rich, Famous Like Alec Baldwin, Derek Jeter, Who May be Fibbing on Where They Live: Actor Alec Baldwin has joined a list of elite New Yorkers targeted by tax collectors who think they’re fibbing about where they really live to dodge New York City income taxes. In recent…
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Caplin & Drysdale Shifts Tax-Exempt Guns to NASCAR-Rival
After filing complaints with the IRS challenging the tax-exempt status of college football bowl games, Marcus S. Owens (Caplin & Drysdale), the former head of the IRS’s Exempt Organization Division, has filed this complaint with the IRS challenging the tax-exempt status of the National Hot Rod Association. NHRA’s primary rivals, the National Association of Stock Car Auto Racing…
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Soccer Stars Sell ‘Image Rights’ Rather Than Services to Avoid Tax
The Guardian, Top Footballers’ Tax Avoidance Scheme Costs Treasury £100m in Lost Revenues: Some of the Premier League’s highest-paid footballers are being targeted by tax inspectors over controversial tax arrangements that could be costing the Treasury more than £100m in vanishing tax liabilities. Revenue & Customs officials are focusing on a growing trend for payments to…
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Montel Williams Hit With $1 Million IRS Tax Lien
The Smoking Gun, IRS Socks TV Personality Montel Williams, Wife With $1 Million Tax Lien: TV personality Montel Williams has been hit with a $1 million federal tax lien, according to IRS documents recorded this week in New York City. Williams, who hosted his eponymous talk show for nearly twenty years, is being dunned in…
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Elizabeth Edwards’ Will Leaves Everything to Kids, Does Not Mention John
Elizabeth Edwards’ will, signed six days before her December 7 death, is here. The will leaves her $1.5 million estate ($496,000 in personal property and $1 million in real property) to her three children. The will does not mention her husband, John Edwards. Above the Law, Elizabeth Edwards’ Parting Gift to John BBC, Elizabeth Edwards Leaves John…
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IRS Has Its Eyes on Fockers’ Actress for $450k
The Detroit News reports that the IRS has filed $458,608 in tax liens against actress Teri Polo, best know as Ben Stiller’s wife in the three Meet the Fockers movies. California also has filed a $91,748 tax lien against Ms. Polo. Accounting Today Perez Hilton Radar Online The Tax Lady Blog
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Roger Milliken Died on Dec. 30, Beat Estate Tax on $1 Billion Fortune by 48 Hours
Bloomberg, Tycoon’s Death Stiffs IRS Century After Grandfather Fought Tax, by Ryan J. Donmoyer: Textile tycoon Roger Milliken ducked the taxman upon his death almost a century after his grandfather lost a landmark legal fight with the U.S. government over sheltering a fortune from the estate tax. The 95-year-old Milliken, chairman of Milliken & Co.,…