Just making you feel a little better... You can't get away with NOT paying your taxes, and neither can they. Celebrities get caught neglecting their tax obligations left and right. Here's the latest batch. As one of them proves, you can't escape taxes even in death!
-Elvis Mitchell, a former New York Times Film Critic and now a host on Turner Classic Movies now owes big. The IRS claims he owes $500,000 in back taxes! How as he busted? Elvis Mitchell's financial situation were bought into question when U.S. border patrol guards busted him with $12,000 in undeclared cash and Cuban cigars last year...
-Floyd Mayweather agreed to pay $5 Million in back taxes! This is a high profile case, so the IRS put on the pressure. The IRS threatened to take his prize purse if he had failed to come to an agreement. Mayweather won the fight and netted earned $10 million in winnings, but he may be left for only $400,000 after he pays the IRS.
-Jim Press, Chrysler CEO has close to $1 million in IRS back taxes and is even being sued by his credit union (Western Federal Credit Union) for defaulting on a $609k mortgage loan.
-Anna Nicole Smith’s estate is in danger. The California State Franchise Board is claims Smith owes $43,000. This gives new meaning to the famous, "Death and Taxes" quote! The IRS won't let a little thing like death get in the way of collecting back taxes.
Escalation...these tax problems could have easily been avoided. IRS issues escalate, they snowball from a small issue into a huge debt in no time when left alone. The IRS first filed a $91,968 lien against Elvis Mitchell, now he owes over $500,000. If you owe tax debt, resolve the issue now before the IRS makes you.