Ozzy and Sharon Osbourne at odds with the IRS

Not long ago they were one of the richest couples in the United Kingdom. Now Ozzy (real name John) and Sharon Osbourne are up to their eyeballs in tax trouble with Uncle Sam.  Recently the Internal Revenue Service slapped them with a lien on one of their two southern California mansions. The lien filed in the Los Angeles County Recorder's Office relates to two tax years, and totals more than $1.7 million.

Here are the details:

  • On income earned in 2008, the Osbournes owe $718,948.
  • On income earned in 2009, they owe $1,024,175.
  • The lien encumbers their estate in Hidden Hills, CA. Also in possible jeopardy is their $10 million home at Malibu beach.

How did this happen?

The couple is very open about their free-spending ways.  Sharon, age 58 is a big fan of expensive plastic surgery. But also, the Osbournes are well known for their philanthropic involvement and charitable giving. 

Unlike many celebrities who deny any responsibility when they come up short with the IRS, Sharon Osbourne did a mea culpa on Twitter, even giving readers a little advice. Although they did not know about the tax debt, she said she was "mortified" when she found out.  "You can't rely on anyone but yourself," she tweeted. "But you have to be on top of your own business affairs.  My fault... lesson learned."  The Osbournes do blame their accountant for the fact they did not see the problem coming, but admit they should have paid closer attention.  She also warned fans not to let down their guard just because they are paying someone to get their taxes right.

Last week, the Osbournes said they would pay the debt within a week... and they did. On April 15th, Sharon Osbourne made a statement on NPR reporting the debt was cleared. 

Related items:

You may like these other stories...

For bitcoin users, the taxman cometh. And you best know how to calculate taxes owed on what the IRS calls convertible virtual currency.In March 2014, the IRS issued Notice 2014-21, which declares virtual currency will be...
Majority of House of Representatives urges leadership to preserve cash method of accounting for tax purposesA bipartisan majority of the House of Representatives – 233 members – has signed a letter urging House...
More than 1 million tax payments have been processed so far in 2014 through IRS Direct Pay, a free web-based payment system that debuted earlier this year, the tax agency announced on Wednesday.Available through the Pay Your...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.