The Prince of Tax Trouble?

By Teresa Ambord

Not only is recording artist Prince in deep with the IRS, but his tax troubles now extend overseas as well. Apparently, Prince (real name Prince Rogers Nelson) was summoned by the IRS at the request of the French authorities to appear before the French tax agency. The meeting was needed in order to determine if Prince owed taxes in France for his performances there in 2009 and 2010.
 
Prince did not show up for the meeting, prompting the authorities to seek court enforcement. The result: a hearing has been scheduled for October 18 to force compliance (USA v. Nelson, 12-mc-00071, US District Court, District of Minnesota (Minneapolis)). 
 
Meanwhile, the artist's business manager, Debra Whelan of Nigro Karlin Segal & Feldstein, LLP, issued the following statement on September 19: 
 

There's more on AWEB!

Do you have colleagues or clients who might like to receive the free AccountingWEB newsletter?

"We were unaware of this routine request for information until we learned of it in the press today. The IRS had incorrect information for service and left the notice at the address of record. Now that the matter has been brought to our attention, we will promptly respond and provide the requested information." 

 
This is not Prince's first round of tax trouble. In 2010, he was determined to owe more than $227,000 for 2009 income, to the state and other government bodies, according to Carver County tax records. At that time, the county listed several other properties in his name that were delinquent on tax payments. The county taxpayer services manager told reporters that Prince and his companies PRN Music and Paisley Park Enterprises, Inc., owed about $450,000 in taxes. His total tax liabilities still owed for 2009 and 2010 are believed to be about $1.3 million.
 
Related articles:
 

You may like these other stories...

By Cathy Stopyra and Todd SimmensUnderpayment interest, refund interest, and penalties charged to businesses are just a few of the considerations the IRS calculates when determining taxation for a given company. Though...
FASB mulling a revamped income statementDavid M. Katz of CFO wrote on Tuesday that the Financial Accounting Standards Board (FASB) is in the early stages of researching whether to launch a project aimed at improving and...
Renaissance avoided more than $6 billion tax, report saysThe Senate Permanent Subcommittee on Investigations said on Monday that a Renaissance Technologies LLC hedge fund’s investors probably avoided more than $6...

Upcoming CPE Webinars

Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
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.