Boxer Manny Pacquiao had enough troubles holding off the tax authorities in his Filipino homeland. The BIR of the Republic of Philippines said he owed an enormous tax bill relating to income he earned fighting US matches in 2008 and 2009.
As professional athletes' salaries continue to escalate, several revenue-strapped states seem to be looking to the athletes for a solution. Two NFL players are crying foul and taking one major city to court.
When Freddie Mitchell entered his plea deal last March, he'd live to regret it, he now says. The former wide receiver thought the deal was the best way to go, after an investigation showed he was neck deep in tax fraud.
UPDATE: Our recent article listed what NFL players can deduct on their taxes, and two of those deductions are making headlines in sports news this week: fines for personal behavior and rookie hazing expenses.
If the IRS is correct, NASCAR driver Juan Pablo Montoya owes the government a bit of money. Like $2.7 million. Montoya concedes he may have underreported some income, but he maintains the IRS is way off.
Professional athletes get a lot of glory, not to mention salaries that range from healthy to obscene, and all for doing what they love. It's one thing to envy their wealth, but when it comes time to file taxes, be glad you're not one of them.
Diego Maradona took a chance returning to Italy this month where he was once a well-loved soccer star. When he visited back in 2009, the Italian tax authorities promptly confiscated two Rolex watches and a pair of earrings, valued at about $20,700.
Young, beautiful Philippine designer Jeane Catherine Napoles filled a bathtub full with currency, climbed in, and took a photo of herself bathing bare in a sea of money. Then she posted it on social media.
Would you vote for a rapper for president? How about Congress? Don't answer too quickly. Whatever your politics, as the government shutdown wanes on, the rapper who calls himself Nelly is making more sense than any of our elected representatives.
It must be a pain to be wealthy and famous. Most people who enter a state on business can slip in, do a deal, and go on home without drawing the unwanted attention of the IRS. But for Tom Hanks, it's not so easy.
More than four years after Michael Jackson's death, the tug of war between his estate and the IRS seems to be heating up rather than nearing agreement. Some estate specialists wonder if the IRS is looking to tax assets they haven't generally taxed before.
Who would've ever thought Beanie Babies would emerge as part of a tax evasion scheme? Only in America. But on September 19, the billionaire creator of Beanie Babies, Ty Warner, was hit with charges of tax evasion.
You've seen game shows where contestants hop around the stage excited beyond belief at the possibility of winning cash and prizes. What you don't see, according to some of the winners, is when the other shoe drops. That is, the tax shoe – and it drops fast.
Spanish soccer star Lionel Messi and his father, Jorge Horacio Messi, protested their innocence when authorities accused them of filing false tax returns last June. Still, they agreed to pay additional taxes to settle the government's claims against them.