We’ve seen it coming for quite some time: Rep. Charles Rangel (D-NY), the former head of the powerful Ways and Means Committee, has been hit with 13 ethics violations, including those stemming from tax issues. Stay tuned for more info.
The star of “Rush Hour” (and its lucrative sequels), Chris Tucker, has made headlines for something other than acting these days. According to TMZ, the actor was slapped with liens from IRS for more than $11.5 million in unpaid federal taxes. That total represents liabilities for the years 2001, 2002, 2004, 2005 and 2006. Tucker was liened $3.5 million by the state of California for unpaid taxes over the same time frame.
Most of the IRS liabilities are linked to the tax years 2001 and 2002; 2001 was the same year that Tucker was reportedly paid $20 million for his work in “Rush Hour 2.” Tucker received another big paycheck for his last big movie project, “Rush Hour 3″ – he reportedly received a $25 million paycheck for that film.
Unlike Nicolas Cage, who was very vocal about his financial problems, citing management issues, Tucker hasn’t yet publicly commented on his tax woes.
I can’t believe that folks are already talking about back to school… With all of the snow this year, I feel like my kids just got out of school! But my niece is reporting that she’s starting next week (early, I know) and my inbox is filled with emails from Lands End reminding me to buy school uniforms. I’m getting the feeling that back to school is coming whether we all like it or not.
A number of back to school-related tax pieces have also hit the blogosphere in recent days. Here’s a quick rundown of some that might interest you:
- Forbes blogs sales tax holidays – Coming Up: Tax-Free August Shopping – Forbes.com
- Georgia said no to its sales tax holiday this back to school season – Georgia Nixes Back to School Holiday – Walletpop.com
- More tax free back to school shopping – States with Tax-Free Back-to-School Shopping – Best Colleges Online.net
- Sales Tax Holidays 2010 (comprehensive list) – Sales Tax Holidays 2010 – Don’t Mess With Taxes
The whole of Massachusetts – nay, the world – can issue a collective sigh of relief now: Yachtgate has finally come to an end. Senator John F. Kerry (D-MA) has announced that he will “voluntarily” pay $500,000 to the Massachusetts Department of Revenue for the use of his yacht.
Kerry’s luxury yacht is reportedly worth $7 million (yes, the mind reels, doesn’t it?). The Massachusetts state Senator created quite a controversy when it surfaced that he had been docking the yacht in Rhode Island, not in Massachusetts. Rhode Island does not have a sales and use tax on boats, while Massachusetts does. Under Massachusetts law, residents who buy boats out of state but use them in the Bay State must pay use tax. The tax is worth 6.25% of the value of the yacht. There is an additional $70,000 annual excise tax due if the yacht is docked in a Massachusetts port.
Sen. Kerry denies that he was trying to avoid tax in his home state. His spokesman has advised that the boat was designed and purchased from a Rhode Island company, which was where Kerry intended to keep the boat. The boat was registered in March 2010 in Newport, Rhode Island.
Despite Kerry’s assertions, the Massachusetts Department of Revenue had been making noise about launching an investigation into whether Kerry was using the boat in his home state. Kerry’s “voluntary” payment of the taxes means that no investigation will be conducted.
As for the boat? My, she was yar.
