The Prince of Tax Trouble? | AccountingWEB

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: 
 

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"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.
 
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