Tax & Accounting News

Tax Problems of the Rich and Famous

11/17/2015

Even though many celebrities make a boatload of money, some find themselves on Uncle Sam’s radar with owed or unpaid taxes. Some have made amends with the taxman, others continue their maneuvers to evade paying up and some have even wind up in jail.

Here’s a list of 7 celebrities who have had run-ins with the IRS due to their tax woes.

Nicolas Cage

Nicolas Cage owed the IRS a whopping $14 million in unpaid taxes. He’s nipped off over half of his tax bill by selling his multiple million dollar homes, including his Bavarian castle, luxurious yachts and a 67-million-year-old dinosaur skull at a value of $276,000. While he’s paid off much of this tax debt, he still has $6 million in taxes outstanding. The tax debt put him on the brink of financial ruin. Currently, he lives a simple life in Sin City and is trying to rebuild his financial empire.

Ozzy and Sharon Osbourne

While by your 60s you’re supposed to be on easy street and living the good life, the rocking duo of Ozzy and Sharon Osbourne owed the taxman more than $2 million in 2011. Overdue taxes piled up from 2007 through 2009. The IRS put a tax lien on the couple’s home, but the home was never seized. The couple claimed the tax problem was due to incompetent money managers and accountants. Since then, Ozzy and Sharon Osbourne have been keeping a closer eye on their finances and have paid off around $700,000 of their tax debt.

Annie Leibovitz

This celebrity photographer is $24 million in debt and owes Uncle Same $1.4 million in back taxes. According to the IRS, this aging shutterbug forgot to report her earned income from 2004 through 2007. She learned that you can run from Uncle Sam, but you can’t hide. They’ll catch up with you eventually. And while her financial travails put the rights to her photos at risk, she restructured her debts, made a financial repayment plan with the IRS and got to keep her most prized photos.

O.J. Simpson

Even being in jail doesn’t protect one from the IRS. Former football star and convicted felon O.J. Simpson was slapped with more than $500,000 in tax liens. So, how can he pay the taxman when he’s in prison and not making any money? The government is trying to get a slice of his NFL pension and remaining assets.

Jim Thorpe

Professional golfer Jim Thorpe wound up in jail due to his $2 million tax woe. He had to serve a year in prison for failing to file his income taxes. Although he was able to resume his career on the Champions Tour, he’s still paying off back taxes at the ripe age of 64.

Manny Pacquiao

International boxing star Manny Pacquiao has both national and international tax woes. In the United States, he owes a whopping $18,000,000 in back taxes. In the Philippines, he owes another $50,000,000 in unpaid taxes. With frozen bank accounts and a lien on one of his Manila properties, looks like it just might be a technical knockout.

Dionne Warwick

Dionne Warwick’s tax troubles have been well documented and date back to the 1990s. This famous singer filed for bankruptcy protection in 2013, claiming to the court that she could not pay her federal and state taxes that tallied up to $10.7 million. She’s hoping that her Chapter 7 bankruptcy will bring her tax problems to an end once and for all.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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