Nicolas Cage is keeping his reputation as a tax scofflaw intact, as he currently owes the IRS $6.2 million due to a lien the Service slapped on his house in New Orleans. Last September, Cage settled with the Service for the diabolical sum of $666,000 after he improperly deducted $3.3 million in personal expenses, including must-haves like limo service and a Gulfstream.
Our advice to Cage would be to seriously consider going full frontal in his next film, Bad Lieutenant, Port of New Orleans. If not out of pure artistic principal and respect for the original version, do it for the extra scratch, man. A johnson shot has got to be worth, what, a couple mil?
Nicolas Cage Hit with $6.2 Million Tax Lien [Web CPA]
Related Posts
Form Letters Generated by Pesky Technology Spurred by BS Deadlines Are to Blame for Herman Cain’s Late Taxes: Spokesman
Godfather of tax gimmicks Herman Cain has a bit of tax trouble in his past, reports the Daily Beast. In 2006, while Herm was undergoing treatment for cancer, taxes due to the state of Georgia were not paid in a timely fashion and this resulted in the GOP hopeful being served with a tax lien. It took a couple of years to sort everything which was probably longer than necessary since it sounds like extensions were filed on time but the campaign is using this non-issue to remind everyone that we need to fix this mess that is controlled by computers and deadlines and things that drive the system:
The Republican’s campaign late Tuesday confirmed the lien, portraying the unpaid taxes as an oversight while Cain was undergoing cancer treatment and the state’s lien as an excessive response that shows the need for tax reform.
“The experience serves as an example of how broken our federal and state bureaucracies are with respect to the collection of revenue,” Cain campaign spokesman J.D. Gordon told The Beast. “The entire process is driven by automated letters generated in response to deadlines.”
Right. Because allowing citizens to file taxes whenever it’s convenient, using hand-written letters delivered by carrier pigeon would be a much better way to administer our tax system.
Cain’s Tax Delinquency [TDB]
Vastly Unpopular 1099 Requirement Survives Thanks to the Reliable Dysfunction of the U.S. Senate
Everyone’s favorite Two Minutes’ Hate from the healthcare reform legislation – the 1099 reporting requirement – managed to live to fight another day despite being as unpopular as the Democrats who originally got behind it (although don’t look at Nancy Pelosi).
As is the wont of Senate, this sliver of bipartisanship was foiled by…wait for it…politics:
The provision survived because of the complex politics of the Senate. Some lawmakers were reluctant to back repeal on Monday since the rule change would have been added to a popular food-safety law that is nearing approval, potentially jeopardizing its passage. In addition, dueling Democratic and Republican proposals allowed lawmakers to register their disapproval of the 1099 requirement whether the repeal passed or not.
In other words, everyone agrees that they hate this thing but they hate it in different ways. You see, it’s not enough to be against the 1099 requirement, it matters who gets the credit for being against so much that they actual introduced the proposal to do away with it.
Sigh. But it’s cool, the rule doesn’t actually go into effect until 2012, so blowing it off for another 12 months is totally an option. And a pretty realistic one, too.
Senators Cannot Agree on Fix to the Health Law [NYT via CPA Success]
Reminder: Your Super Bowl Gambling Winnings Are Taxable
So it’s the Monday after the Super Bowl and most of you are suffering from some kind of hangover. Whether it was caused by food, booze or you’re simply wallowing in a lack of a Peyton Manning comeback, this day should really be a national holiday (even non-football fans can agree on that notion).
Melancholy, indigestion and cocktail flues aside, the other certainty that comes with the SB is gambling. And we’re not talking friendly-poker-game gambling, we’re talking recklessly wagering on every single aspect of the biggest spectacle in sports gambling.
Two of the most creative wagers we’ve seen so far was the betting on rating for the Focus on the Family (featuring Tim Tebow and Mamma Tebow!) ad and the betting the spread between Kim Kardashian’s measurements and Reggie Bush’s rushing and receiving production. Both of which are completely ridiculous, yet sheer genius.
Regardless of where you put your money yesterday (we took the overs on Archie Manning appearances and lost), there are plenty of big winners from yesterday’s game. And now that we have a government who is feverishly trying to close a deficit gap, the question remains: will the IRS more aggressively pursue taxpayers for their unreported gambling winnings?
If you’re a degenerate loser than this obviously doesn’t apply to you but if you’re lucky enough to find some extra scratch in your pocket, you’re legally obligated to report that income next year.
Our government is looking for solutions anywhere possible, so it’s entirely possible that you could find yourself on the wrong end of an IRS-issued shotgun if you’re leaving your winnings off next year’s 1040. Look, it’s not that crazy and the pols need all the ideas they can get. You’ve been warned.