IRS to O.J. Simpson: Where's Our Money?

By Teresa Ambord

It's true that the IRS has slapped O.J. Simpson with two different tax liens over the years ($179,435.07 for 2007 to 2010, and $17,015.99 for 2011). California is still trying to collect $318,566.06 going back to 2000, on which Simpson has made no payments. And now that 2012 is history, another tax liability and ultimately another tax lien will likely be imminent. But, all of that is pocket change compared to Simpson's other debts. 
 
So far, the IRS hasn't pushed too hard, considering Simpson has been in prison at the Lovelock Correctional Center in Lovelock, Nevada, since 2008. He's serving thirty-three years for kidnapping and armed robbery. 
 
The IRS is losing patience. JP Morgan Chase, which holds the mortgage on his Florida home, has also bottomed out on patience. Simpson stopped paying his mortgage back in 2010, yet foreclosure efforts have repeatedly stalled, in part due to intervention by Simpson's attorney. Like the IRS, the bank finally said enough and the foreclosure appears to be going forward.
 
Simpson may be behind bars, but he's not without income. He receives an NFL pension of $19,000 each month. Unfortunately, thanks to the terms of the California pension, that money can't be tapped to settle legal obligations. That includes the $33.5 million he owes to the family of Ronald Goldman based on a civil judgment against him. It doesn't include his tax bills. 
 
Simpson did make money from the sale of his book, If I Did It, which some people considered a confession to the murders of his ex-wife and Ronald Goldman. When asked about profiting from that double murder, he told the Associated Press, "It's all blood money, and unfortunately I had to join the jackals. It helped me get out of debt and secure my homestead. I've been pimped for twelve years. Everyone's made money on me."
 
Related article:
  • O.J. Simpson Hit with Tax Debt and Foreclosure
 

You may like these other stories...

School tax breaks get House support as Democrats objectRichard Rubin of Bloomberg reported that the House of Representatives on Thursday voted to expand and simplify tax breaks for education as Republicans continue to pass...
Many senior US tax professionals believe that a streamlined audit process will be the top benefit resulting from the IRS Transfer Pricing Audit Roadmap, a new toolkit organized around a notional 24-month audit timeline,...
Tax accounting to be simplified for money-market fundsThe US Securities and Exchange Commission (SEC) voted 3-2 on Wednesday for sweeping changes to institutional money-market funds, Emily Chasan, senior editor of...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.