Celebrity news

Tax

Strip Club Tips Rain Tax Deductions for Rapper

Canadian Rapper Drake may have found an interesting loophole he believes will allow him a hefty deduction for tips at a strip club. That includes $50,000 in what he called "making it rain" money he spent at a club in North Carolina.
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Tax

Hollywood Hands Michigan an Empty Bag

A few years ago, with giant auto manufacturing plants sitting empty and the economy dragging, Michigan threw open its doors, literally inviting Hollywood to come in and produce films economically. The bait was federal film credits, which movie producers covet.
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Education & Careers

Author Cornwell Wins $50.9 Million Lawsuit against Financial Manager

Best-selling writer Patricia Cornwell won a $50.9 million judgment February 18 after a federal court jury in Boston unanimously found her former accounting and business management firm negligent.
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Education & Careers

Jesse Jackson Jr. Guilty of Money Crimes

One publication describes them as a "power couple," but those days may be over for Mr. and Mrs. Jesse Jackson Jr., at least for now. On February 20, both Jacksons entered guilty pleas in the separate charges brought against them.
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Tax

Battle of the Governors: Low Taxes vs. High Tans

The battle of words between two governors sounds a little like a schoolboy exchange. Texas Governor Rick Perry seems to be thumbing his nose at California Governor Jerry Brown. Brown is clearly annoyed, yet responding as if Perry is more of a mosquito than a threat.
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Tax

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

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.
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Tax

More of Lindsay Lohan's "Believe It or Not" Tax Life

Not even George Lucas could put together a story as unbelievable as Lindsay Lohan's real life. The drama, the self-destructive antics, and the financial devastation go on and on and on with no end in sight.
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Tax

Did California Hit Mickelson into a Tax Sand Trap?

Top professional golfer Phil Mickelson may be ready to leave California and go house shopping in a more tax friendly state, which only leaves him forty-nine choices.
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Tax

Plaxico Burress Needs Professional Help

NFL wide receiver Plaxico Burress needs a good financial advisor . . . or a team of them. He seems to be his own worst enemy, with a long track record of self-inflicted wounds – financial, physical, and behavioral – followed by a career-crashing stint in prison.
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Tax

Uncle Sam Takes "Real Housewife" to Task

Sheree Whitfield, the ex-wife of former Atlanta Falcons tackle Bob Whitfield and a former star on reality TV show "Real Housewives of Atlanta," is in trouble with the IRS for failure to pay taxes in 2009 and 2010.
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Tax

Jon Gosselin - From Stardom to Average Guy to Tax Deadbeat

When Jon Gosselin walked away from his wife in 2009, he also walked away from the income derived from their reality TV show, "Jon & Kate Plus 8." He hasn't paid any taxes since splitting with Kate; the result is a tax lien of $39,000.
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Tax

Tax Lien Hits Music Legend Stevie Wonder

Nobody is immune from the long arm of the California Franchise Tax Board, not even one of the key entertainers at President Obama's inaugural ball. The good news is Stevie Wonder can handle it. The tax lien is for a mere $40.
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Practice

Patricia Cornwell Sues Accountant for Financial Mismanagement

A high-profile court case in Boston, now in its second week, raises questions about where accountants and financial advisors fiduciary responsibilities for clients end.
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Tax

O.J. Simpson Hit with Tax Debt and Foreclosure

In prison for a total of thirty-three years, and he's still drawing fire from multiple sources. O.J. Simpson is being targeted by the IRS, and it's not the first time. The tax agency just filed a second lien on him for 2011 income.
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Tax

As 2012 Ends, Celebrities Pay Tax Debts, Sort Of

The Lindsay Lohan story never ends. To recap, 2012 started for her with two IRS liens. For 2009, she owed about $94,000 and for 2010, another $140,000. Next came a series of reports about bad behavior and financial irresponsibility.
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Tax

Rapper Fat Joe Takes the Rap with the IRS

Like so many celebrities, the rap star who calls himself Fat Joe got behind on his taxes. But unlike many famous tax deadbeats, he's willing to take responsibility for his own blunder instead of blaming his handlers or lashing out at authorities.
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Tax

Gerard Depardieu Just Says No to Supertax

Gerard Depardieu's departure from France may have been premature. As December rolled to a close, the harsh "temporary supertax" that French President Francois Hollandee sought to impose on individuals he calls "the rich" was soundly rejected.
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Tax

2012 Ends with Tax Bang for Some Celebrities

Pamela Anderson owes back taxes of about $370,000 related to 2011 income, Gary Busey’s tax debt is over $450,000, and Britney Spears owes more than $37,000 to the state of California. And then there’s O.J. Simpson. . . .
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Tax

Stephen Baldwin: Arrested for Tax Evasion

Just days ago, New York State tax authorities arrested actor Stephen Baldwin on felony tax evasion charges. Baldwin owes an estimated $350,000 in taxes and penalties, according to Rockland County DA Thomas Zugibe.
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Tax

MLB Update: What a Difference a Day Makes Tax Wise

At least one Major League Baseball player has succeeded in getting his next contract signed, sealed, and the ink dried before the 2013 tax hikes are likely to kick in.
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Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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