Sunday, February 9, 2014

It's IRS Season Again

I've observed over the years at this same time every year the IRS makes a move to strike fear in the hearts of all taxpayers. It happens every year. They hammer a really high profile well known name with taxes and this year is no exception.

The IRS sent the Michael Jackson Estate a $702M tax bill. The IRS is accusing the estate of a underreporting net income by a fraction of what the estate is actually worth. For one, the MJ estate says the Beatles catalog is worth $0. The IRS estimates it to be worth $469M

One of the things I've noticed countless times is many performers are worth more dead then alive. Is it any wonder producers knowing this could care less about the welfare of the performers they have under contract?

So what have we learned from all of this?
Ski masks and guns are for losers who don't own a suit and are too dumb to realize there's a legal way to go about the art of thievery.

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