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...

Legislation coming out of Washington just might reduce homeowners' burden for disaster insurance. It's a topic very much on everyone's minds since the Oso, Wash., mudslide. The loss of human life was tragic, but...
Divorce is hard, and the IRS isn't going to make it any easier. The IRS generally says "no" to tax deductions that might ease the pain of divorce. In certain circumstances, however, you might be able to salvage...
IRS chief: New rule on the way for tax-exempt groupsIRS Commissioner John Koskinen told the USA Today on Monday that the agency will likely rewrite a proposed rule regulating the political activities of nonprofit groups to...

Upcoming CPE Webinars

Apr 17
In this exciting presentation Excel expert David H. Ringstrom, CPA shares tricks that you can use with pivot tables every day. Remember, either you work Excel, or it works you!
Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.