Beans has admitted that he did not file his taxes between the years 2003 and 2005.
The end result is the prosecution is seeking $350,000 out of an undeclared one million dollars of earned income.
His hearing isn’t until November 18th but if convicted, Sigel could face three years in prison.
What is it about entertainers and taxes?
Filed under Crime, Entertainment, Hip-Hop, News
Imagine winning $9 million USD and not even knowing it.
That’s what almost happened to one Chicago man who found a forgotten winning lotto ticket in a tax folder just days before it was set to expire.
According to WBBM Newsradio, Irving Przyborski bought several tickets last year and thought he had checked the numbers on all of them. It seems the lucky ticket somehow made its way into a tax folder and wasn’t noticed until Przyborski sat down to do his taxes last week.
He took the ticket to a local store where he discovered his tax bill was about to get a lot bigger —Przyborski had won $9 million.
Lottery spokesman Tracy Owens calls Przyborski a “quiet, laid back” person who didn’t get too excited about his life-changing win.
Przyborski’s lack of excitement is all the more surprising because his money was only days away from going to the Illinois Common School Fund. According to Owens, around $2 million worth of unclaimed lottery winnings end up in the fund every month.
It’s never good when you’re negotiating going to jail, but a judge made it even worse for actor Wesley Snipes today when he told him that he must surrender this week rather than on January 6th as his legal team requested. Reports say the judge says Wesley who was sentenced about two years ago has had ample time to prepare his family and four children for his three-year prison sentence for willfully failing to file his tax returns.
Filed under Crime, Entertainment, News
What is it with politicians and not paying their taxes?
The Internal Revenue Service has filed a federal tax lien against Gov. Arnold Schwarzenegger for nearly $80,000, public records show.
The lien was filed May 11 at the Los Angeles County recorder’s office for $79,064, according to a record in an electronic database that includes lien filings. The record does not indicate what property the lien was placed on, but it lists the debtor asArnold Schwarzenegger with the governor’s home address in Brentwood.
The lien was reported this morning by TMZ.com, which posted a copy of a lien document that says it is from the county recorder’s office. That document shows that Schwarzenegger owes $39,047.20 from 2004 and $40,016.80 from 2005. The document also lists a section of the IRS code that suggests the debt may be penalties for a failure to report certain business transactions.
Schwarzenegger’s spokesman, Aaron McLear, said in a statement that the “governor has paid his taxes in full and on time.”
“No one, including the IRS, has notified the governor of any issues whatsoever with his taxes,” McLear said. “We are contacting the IRS to determine ifthe document in question, which appears to be a penalty for missing info and not for unpaid taxes, is legitimate and if there is any discrepancy to resolve.”
Seems a little odd that the IRS would jump straight to filing a lien against Governor Schwarzenegger without ever having sent him a notification. But then again, we are talking about the IRS. Not exactly a model of efficiency and competency.
Regardless, shouldn’t the number of high-profile politicians and bureaucrats who have been caught over the last year or so with unpaid taxes be indicative of the dire need for tax reform? If our tax code is so bloody complicated not even the affluent political class – not even many of the people involved with writing and enforcing the tax code – can follow it, why should the average citizen be expected to be able to follow it?
We need simpler taxation. The problem is with a simpler tax code it’s easier for citizens to understand how much they’re paying in taxes. And if citizens begin to understand how much they pay in taxes (instead of just focusing on their refunds) you’d see a whole lot more opposition to some of this government spending.
Big Boi from OutKast is the latest rapper to run afoul of the tax man. According to reports, the 34-year-old rapper owes more than $55,000 in delinquent taxes to the state of Louisiana. This past June, the state of Louisiana filed a lien against Big Boi and his wife for $55,727 in Fulton County Superior Court.
Big Boi has not commented on the situation.
Aside from tax problems, Big Boi has been hard at work on his long-delayed solo album, Sir Luscious Left Foot: The Son of Chico Dusty, which is expected to drop late this year.
However, there’s no official date as of press time.
How could one of Hollywood’s highest paid actors find himself owing $6.3 million in back taxes and deep in money troubles? The answer is easy if you believe Nicolas Cage.
In a lawsuit filed Oct. 16 in Los Angeles, the National Treasure star, 45, claims that his longtime business manager, Samuel J. Levin, duped “lined his [own] pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin.”
That journey began in 2001 when Cage – whose next movie is the crime drama Bad Lieutenant: Port of Call New Orleans – hired Levin to oversee and manage his business interests, investments and finances. Levin did not return calls seeking comment. A rep for Cage had no comment.
On The Market
Though Cage claims it was only recently that he learned the gravity of his financial condition, the actor started selling off some of his prized possessions months ago. In April, Cage bid farewell to his Bavarian castle, selling it to his German advisor, lawyer Konrad Wilfurth.
Now he has placed other homes on the market in California, Las Vegas and New Orleans, where two of his residences – each worth at about $3.5 million – are up for auction Nov. 12, according to the that city’s Times-Picayune. Regions Bank foreclosed on Hancock Park Real Estate Co., the owner of Cage’s properties, for $5.5 million in unpaid mortgage debts, the newspaper reported.
Tax Trouble
Cage’s home liquidation comes as earlier this month the U.S. government placed a tax lien on his vast real-estate holdings because of $6 million in unpaid taxes dating from 2007, according to court papers. In addition, the Internal Revenue Service has another lien for more than $350,000 in unpaid taxes dating from 2002 to 2004.
East West Bank also filed a breach-of-contract complaint in Los Angeles Superior Court that claims Cage had failed to repay a $2 million loan that was extended this past August.
In the lawsuit filed against his business manager, Cage says he “relied on Levin to handle his financial affairs to ensure that he and his family would have a financially secure future built on the foundation of the substantial monies Cage earned through years of hard work.”
But “he is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin’s incompetence, misrepresentations and recklessness.” (Interestingly, Cage sold off his rare comic-book collection in 2002 for more than $1.6 million, a year after hiring Levin.)
Now as the actor gets ready to hit the big screen again this fall, he faces “catastrophic losses” in upwards of $20 million. The next court hearing in the lawsuit is scheduled for February 2010.
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