September 26, 2018

Joe Francis Can Now Get Back to ‘the Business at Hand’

Joe-Francis.jpgA judge has convinced ‘some brilliant legal minds’ and prosecutors with some slimy witnesses to reach a plea agreement in the Joe Francis tax case.
Francis’s original plan to argue that anything related to topless girls was obviously a ‘business expense’ was apparently too confusing for prosecutors to understand.
The defense attorneys also must have realized that Judge James Otero may have been on to something when he suggested that they settle before trial.
More, after the jump


AP:

Otero told prosecutors during a hearing earlier this summer that they should consider resolving the case before it went to trial. He had also questioned Francis’ ability to control himself in the courtroom during the trial, nearly sending him to jail when he learned that Francis had taunted a prosecutor.

Definitely a shocking revelation that Joe Francis wouldn’t be able to control himself, being the purveyor of class that he is. However, perhaps we judge to quickly as it sounds like he has grown through this whole ordeal, which included nearly a year in jail:

“The one thing I’ve learned about myself during this process is that I can be a difficult client, but they are a fantastic group of brilliant legal minds who recognized the truth when they saw it and had the passion to care about what happened to me,” Francis wrote in his statement.

The truth has been recognized, friends. We can all comfortably move on.
Plea deal ends ‘Girls Gone Wild’ founder tax case [AP via TaxProf Blog]

Joe-Francis.jpgA judge has convinced ‘some brilliant legal minds’ and prosecutors with some slimy witnesses to reach a plea agreement in the Joe Francis tax case.
Francis’s original plan to argue that anything related to topless girls was obviously a ‘business expense’ was apparently too confusing for prosecutors to understand.
The defense attorneys also must have realized that Judge James Otero may have been on to something when he suggested that they settle before trial.
More, after the jump


AP:

Otero told prosecutors during a hearing earlier this summer that they should consider resolving the case before it went to trial. He had also questioned Francis’ ability to control himself in the courtroom during the trial, nearly sending him to jail when he learned that Francis had taunted a prosecutor.

Definitely a shocking revelation that Joe Francis wouldn’t be able to control himself, being the purveyor of class that he is. However, perhaps we judge to quickly as it sounds like he has grown through this whole ordeal, which included nearly a year in jail:

“The one thing I’ve learned about myself during this process is that I can be a difficult client, but they are a fantastic group of brilliant legal minds who recognized the truth when they saw it and had the passion to care about what happened to me,” Francis wrote in his statement.

The truth has been recognized, friends. We can all comfortably move on.
Plea deal ends ‘Girls Gone Wild’ founder tax case [AP via TaxProf Blog]

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Going Concern is Not Immune to the Michael Jackson Circus

1.michael_jackson_71246050015.jpgWe’ve been able to avoid the whole Michael Jackson debacle up until now. We couldn’t, in good blogging conscience, avoid this particular story.
The estate of Michael Jackson is probably going to have to turn over at least $80 million to the IRS and they get to cut the line right to the front to collect.
“As in a bankruptcy case, Jackson’s creditors will jockey for first crack at his fortune. But the estate’s initial obligation will be to pay the late star’s taxes, said Beth Kaufman, a Washington-based attorney specializing in estate tax issues. ‘There is no question that the U.S. government has first priority,’ she said.
Oh, and the Service is not going to take the royalty rights to She Loves You or I am the Walrus either:

To settle his tax bill, the executors of his estate may have to sell or borrow against lucrative but hard-to-value assets or ask the IRS for a multi-year extension. That could allow the estate to pay the tab over time with earnings from Jackson’s share in rights to songs by the Beatles and his own music — prized properties whose value will likely make the estate’s tax bill only bigger. “The government is not going to take a Beatles record as payment. They want to be paid in cash,” said Roy Kozupsky, a veteran estate lawyer in New York who has worked on behalf of several wealthy clients.

Reportedly, Jackson still made $40 million a year from his ownership of the recordings. This will no doubt make the calculation of the tax bill more complicated and thus, we’ll continue to be saturated with all the excruciating details about this story that we just don’t want to hear.
Death and taxes: Big IRS bill looms for MJ estate [AP via TaxProf Blog]

UBS Names Needed so We Can Pay for Healthcare Otherwise We’ll Have to Print More Money

obama_point.jpg“Rich people, I want your money.”
No, seriously. Hand it over.
We’ve covered the failure (so far) of the IRS to get UBS to name names on 52,000 Americans and we’ve heard some good suggestions but maybe chocolate isn’t what the Service is interested in.
The House passed a pricey healthcare proposal yesterday and B to the O wanted it to be “budget neutral” which means, “We’re in a deep hole you clowns. Don’t make it deeper.”
Charged with said task, they went to a cocktail party got to work and came up with a solution that they super-duper rich will foot the bill via taxes. That means, IRS, get your shit together, because Nancy Pelosi has had enough of rich people, that aren’t her, not paying their fair share of taxes. Swiss bank account holders beware, here are the gory details that you’ll be getting in on if your name gets dropped:

Under the $1.2 trillion plan passed by the Democratic-controlled House of Representatives, the wealthiest 1.2 percent of U.S. households would have to pay an additional $540 billion in taxes over the next 10 years via an income surtax of between 1 and 5.4 percent. For the super-elite, those in the top 10th of 1 percent (and presumably the type of taxpayers who have Swiss bank accounts), that works out to an additional $280,000 a year in taxes on an average annual income of $2.3 million a year, according to the Tax Policy Center.

So basically it looks as though the IRS needs to close the tax gap because…wait for it…there’s shit to pay for! We’re not slapping healthcare on the Federal Reserve credit card, no, no. Right here and now we start paying for stuff out of our own pockets. So get on these Swiss banks and get the names because they’re avoiding their patriotic duty.
Obama’s self-defeating war on the wealthy [James Pethokoukis/Reuters]