Celebrity Watch: Michael Vick adds back-taxes to list of woes | AccountingWEB

Celebrity Watch: Michael Vick adds back-taxes to list of woes

Former NFL quarterback Michael Vick, currently serving a prison term for criminal conspiracy resulting from felonious dog fighting, filed for Chapter 11 bankruptcy protection earlier this month and has requested more time for preparing the paperwork in his bankruptcy proceeding. Vick claims debts ranging from $10 to $50 million and assets in the same range on his bankruptcy application.

The 28-year-old, nicknamed "Bullet" by his father for his speed on the football field, has asked to appoint adviser David Talbot as the manager responsible for handling his affairs while the former Atlanta Falcon serves his time in prison.

A problem has arisen, however regarding the payment given to Talbot. Court records show that Talbot has received payment so far in the form of an $80,000 Mercedes-Benz given to him by Vick six weeks ago.

As a Virginia judge conducted a hearing by phone with Vick from prison at Leavenworth, Fox reports, the IRS had a representative on hand to remind the court Vick may owe back taxes. The IRS has placed a lien on the Mercedes.

Stars Behind Bars

A ruling on Vick's motions is expected July 28.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.