irs

New Cigar Dinner Lets You Pay IRS Again!

Let's face it: even the best accountant in the world leaves the high net worth community paying more taxes than you would like. You drop all kinds of cash to the IRS every year, and it sucks. It really does. So, do you want to send that government body more?

That's the question Orlando banker Jeff Ramsey is asking.

He has organized a cigar dinner at Foxwoods in Connecticut to help rescue the house currently (and perhaps temporarily) owned by Jim Thorpe and his wife, Carol. Thorpe, once a pro golfer, won't be able to join you at the dinner ... because he's in prison after "losing a two-year legal battle with the IRS."

The dinner will include silent and traditional auctions to fill the financial void left in Thorpe's life by the IRS.

For $200, you can head up to Foxwoods on June 21, 2010, smoke a few cigars and dine with other civic-minded aficionados who are eager to give Thorpe a hand. For another $1,500, you can play in the ProAm golf course the next day.

Note: This is indirect IRS support. Your money will not go directly to the government agency.

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Tags: cigar, cigars, golf, irs, jail, Jim Thorpe, prison, tax, taxes

Sinbad's Home Listed In Bankruptcy Fallout

by Deidre Woollard (RSS feed) —

Filed under: Estates, Celebrity Shopping

he comedian Sinbad, who has been in the news for his financial failings recently, is giving up his luxury home. In December, we picked up on a story our sister blog Walletpop wrote about the comedian Sinbad who had filed for bankruptcy after the IRS filed $8.15 million in tax liens. His Chapter 7 bankruptcy claim listed $10 million and $50 million in liabilities but less than $50,000 in assets even though he had a $1.5 million home in the celebrity-friendly enclave of Hidden Hills. The home was reporedly owned by his brother, Michael Adkins. But court documents seeking seizure of the house alleged that the arrangement was a sham pointing out that Michael Adkins works for his brother's production company and that the expenses for the property including mortgage payments were paid from the production company account.

Now the LA Times Hot Property column reports that the home has hit the market for $3 million. The home was bought in 2007 for $1.5 million. The five-bedroom home sits on 2.4 acres that include a guest house, recording studio, pool and a barn. Listing pictures show a home with plenty of space but the look of a place that has not been happily inhabited for a while. The property website from Teles Properties is here.

Gallery: Sinbad In Hidden Hills

Tags: celebrity bankruptcy, celebrity financial trouble, celebrity real estate, CelebrityBankruptcy, CelebrityFinancialTrouble, CelebrityRealEstate, hidden hills, HiddenHills, irs, sinbad, tax debt, TaxDebt

The Battle Over The Ownership of Sinbad's House

by Deidre Woollard (RSS feed) —

Filed under: Celebrity Shopping, Wealth

Does Sinbad own his home? The comedian born David Adkins recently filed for bankruptcy after the IRS filed $8.15 million in tax liens. Our sister blog WalletPop reported that the tax obligations range from $157,934 in 2003 to $2,358,563 in 1998. Sinbad has been fighting with the IRS for years but now they are getting serious about getting their money. His Chapter 7 bankruptcy claim lists $10 million and $50 million in liabilities but less than $50,000 in assets. And about that house? His luxury $1.5 million home in the celebrity-friendly enclave of Hidden Hills is reportedly owned by his brother, Michael Adkins. But court documents seeking seizure of the house allege that the arrangement is a sham pointing out that Michael Adkins works for his brother's production company and that the expenses for the property including mortgage payments were paid from the production company account.

Other celebrities in the area include the Kardashians, Melissa Etheridge, Lisa Marie Presley, and Denise Richards. A bird's eye view on Virtual Globetrotting shows a lavish estate with a pool and tennis court.

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Tags: irs, sinbad

Joe Francis Owes Nearly $34 Million, May File For Bankruptcy

by Deidre Woollard (RSS feed) —

Filed under: Crimes and Misdemeanors

Perennially smiling entrepreneur Joe Francis might not have so much to smile about now. The Girls Gone Wild Founder may owe nearly $34 million in taxes. Francis has been served with a tax lien that says that he failed to pay $17.7 million in 2001, $11.2 million in 2002 and $4.9 million in 2003. Francis told TMZ that he doesn't owe the money and that the lien is "total retaliation for me beating them in court." A couple of weeks ago a judge approved a plea deal letting Francis plead guilty to charges of filing false tax returns and bribing jail workers and sentencing him to time served and a year of probation. Francis is planning to file for personal bankruptcy.

After the jump, check out a video of Francis on the television show "Life of Luxury." It showcases his extravagant spending on yachts, homes, exotic cars, jets, and of course, entertaining beautiful young women.

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Tags: bankruptcy, debt, girls gone wild, GirlsGoneWild, irs, joe francis, JoeFrancis

Continue reading “Joe Francis Owes Nearly $34 Million, May File For Bankruptcy”

Nic Cage Faces Huge Tax Bill, Sells In Bel Air

by Deidre Woollard (RSS feed) —

Filed under: Celebrity Shopping, Wealth

For Nicolas Cage the internet seems to full of some good news and some bad news today. First the bad, TMZ has documents that show that Nicolas Cage's current total owed to the IRS is now a steep $6,257,005. But here's the good, he may have finally unloaded his Bel-Air Tudor home. The home which once belonged to singer Tom Jones and to Dean Martin was for sale for as high as $35 million back in 2006. A sealed bid auction was scheduled for September 24 with the minimum opening offer set at $9.95 million. The MLS now has the home as "looking for backup" which means an offer has been made, and hopefully will stick. Cage paid around $6.5 million for the home in 1998. Cage also recently sold his New York City apartment which had been listed at $9.75 million.

Gallery: Nicolas Cage In Bel Air, Part 2

He still has four homes on the market in the U.S.:
His Las Vegas home is listed at $9.49 million.

Gallery: Nicolas Cage in Las Vegas

His Rhode Island home sits at $12 million.

Gallery: Nicolas Cage at Gray Craig

One of his New Orleans homes is listed for $3.45 million.

Gallery: Nicolas Cage in New Orleans

The other, the haunted LaLaurie mansion is still listed for $3.55 million.

Gallery: Another Nicolas Cage Home In New Orleans

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Tags: bel air, bel-air, BelAir, celebrity real estate, CelebrityRealEstate, irs, los angeles, LosAngeles, nicolas cage, NicolasCage, taxes

IRS Revises Charity Tax Rules

by Tracy Chait (RSS feed) —

Filed under: Charity

In a highly-anticipated overhaul, the IRS has successfully revised its rules for charities filing taxes. Form 990 will now require charities to disclose employee salaries greater than $150,000 and will also ask organizations to report "key employees" who control a 10% or greater portion of the charity's activities. The changes will arguably make many charities more transparent and therefore easier to research on behalf of potential donors.

Guidestar.org, the non-profit data kings, will use this new information to provide more comprehensive analysis of the non-profits in its database, all in the attempt to encourage charitable giving by providing individual donors (and their estate planners) with the facts they need.

Tags: charitable giving, CharitableGiving, charity, guidestar.org, irs, taxes

Swiss Beatz Owes Nearly $900,000 In Back Taxes

by Deidre Woollard (RSS feed) —

Music producer Swiss Beatz was recently the subject of a Forbes profile on the business of hip-hop but big money can also come with big tax bills. TMZ is reporting that Swiss Beatz, a.k.a. Kasseem Mike Dean and his estranged wife, singer Mashonda owe $842,644.52 in taxes and a tax lien has been filed. This news comes just after he was named seventh on a list of the biggest earning hip-hop stars for 2008 that estimated his annual earnings at $17 million. He has been working with Tommy Hilfiger on his new music projects as well as producing hits for hip-hop stars including Jay-Z, 50 Cent, Beyoncé and DMX and releasing his first solo rap album, One Man Band Man last year.

[Thanks, Eezzy!]

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Tags: back taxes, BackTaxes, irs, kasseem dean, kasseem mike dean, KasseemDean, KasseemMikeDean, swizz beatz, SwizzBeatz, taxes