Khloe Kardashian, Wyclef Jean, Lena Olin share tax authorities' spotlight
by AccountingWEB on
Khloe Kardashian is a star in Hollywood, but with tax authorities…not so much. On July 28th the California Franchise Tax Board filed a tax lien against Kardashian in the amount of nearly $18,500 relating to income from 2007.
Here's how that total breaks down: $12,891 in back taxes, $3,222 in penalties, $2,143 in interest, and a collection fee of $233.
When the tax liability was generated in 2007, Kardashian was 23 years old and starring in Keeping Up with the Kardashians. She is still on the show today, and also is part owner of a luxury clothing boutique in Calabasas, California, called D-A-S-H. She is married to Lamar Odom of the Los Angeles Lakers.
So what happened?
Kardashian paid the lien previously, but her accountant didn’t send the money to the tax authorities, according to her representatives. She now has replaced that accountant and is waiting for her name to be cleared by the state of California.
Alias star Lena Olin might be wishing she had a viable alias. The Academy Award nominee was hit with an Internal Revenue Service lien in the amount of $207,836. The lien is against Olin and her husband, director Lasse Hallstrom. It was filed on July 1 with the Los Angeles County Recorder.
In addition to being nominated for Best Supporting Actress in Enemies: a Love Story, she also appeared in Chocolat and Romeo Is Bleeding.
Musician Wyclef Jean, nee Nel Wyclef Jean, owes the IRS more than $2.1 million relating to tax years 2006, 2007, and 2008.
In May 2010, an IRS lien was filed against him for $724,332 in the Bergen County, New Jersey County Clerk’s Office. That was on top of a lien filed in July 2009 for $599,167, and a lien from July 2007 for $792,269.
Jean, wife Claudinette, and his family live in a mansion purchased in 1998 for $1.85 million in upscale Saddle River, New Jersey.
Jean was in the news just a few months ago when The Smoking Gun reported his Haitian relief charitable foundation, Yele Haiti, was under the microscope for questionable finances. Not only did he file tax returns late, but he also used foundation funds to pay himself and his business partner/cousin $410,000.
You may like these other stories...
School tax breaks get House support as Democrats objectRichard Rubin of Bloomberg reported that the House of Representatives on Thursday voted to expand and simplify tax breaks for education as Republicans continue to pass...
Many senior US tax professionals believe that a streamlined audit process will be the top benefit resulting from the IRS Transfer Pricing Audit Roadmap, a new toolkit organized around a notional 24-month audit timeline,...
Tax accounting to be simplified for money-market fundsThe US Securities and Exchange Commission (SEC) voted 3-2 on Wednesday for sweeping changes to institutional money-market funds, Emily Chasan, senior editor of...
Upcoming CPE Webinars
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
FRF for SMEs Series--Measurement and Disclosure Principles for various Consolidations and Business Combinations, Part 4B
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
In this session we'll review best practices for how to generate interest in your firm’s services.
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.