Mike Farr once rode high as a member of the Detroit Lions. These days, he’s in hot water. Not only does he owe nearly $83,000 in state and federal taxes but, a few weeks ago, federal regulators put a lock on his assets after he was named in a government lawsuit.
Rick Mahorn, former Detroit Piston and member of the 1989 NBA championship team, has hit hard times. In the last year Mahorn, 51, and his wife lost their home in Rochester Hills, Michigan, and filed Chapter 7 bankruptcy.
Former Lehman CEO Richard Fuld, in his appearance before the U.S. House Financial Services Committee last week, blamed rumors, timing, regulators, and a “crisis of confidence" for the fall of the investment firm.
The Financial Accounting Standards Board will evaluate the need for accounting rule changes relating to repurchase transactions following the Securities and Exchange Commission’s review of how financial institutions other than Lehman Brothers use these transactions.
Pamela Anderson shares something in common with a few of her fellow celebrity contestants on Dancing with the Stars. At least three others also have made headlines for being in hot water with the tax authorities.
The Internal Revenue Service should improve the way it deals with balance-due payments from delinquent taxpayers, according to a recent TIGTA report. Unnecessary delays are resulting in extra penalties and interest costs to taxpayers.