Blonde Bombshell Owes CA More Than Half-Million

Blonde bombshell Pamela Anderson may have been living the good life as a model and actress for several years, but those times are coming to an end as the taxman comes after her.

The Canadian-born model, actress and Playboy playmate owes California tax authorities $524,241 in back taxes. In fact, the state put her on the list of its 500 biggest income tax scofflaws. State law requires tax authorities to publish the list of 500 twice a year.

But don’t expect California’s Franchise Tax Board to throw her a life preserver. Without the help of a tax attorney she’ll have to be her own lifeguard when it comes to swimming with tax agents.

Anderson’s no stranger to the good life. Just a few years out of high school, Anderson was put into the spotlight as a model for Playboy magazine in October 1989. A couple years later, she donned the trademark red one-piece bathing suit as lifeguard C.J. Parker in Baywatch.

But Anderson’s $524,241 in personal income tax debt won’t be saved by her current or former rock star boyfriends. States are stepping up their collection efforts against millionaires and other high-income earners to recoup tax revenue lost during the recession. That puts Anderson in the taxman’s cross heirs.

Chances are that California’s tax agents know who Pamela Anderson is. But even if they don’t, she’ll be taken more seriously if she hires a tax attorney.

Going head to head with someone like an IRS agent can be tough. But whether you’re a blonde bombshell or a plain Jane, hiring a tax attorney is one way to make sure the IRS treats you like a beauty queen.

Movie Star Removes $6.2 Million IRS Lien, But Still Owes

Known for his storied movie career and problems with the IRS, actor Nic Cage made a sizeable dent in his total IRS tax debt and is just a few million dollars from financial freedom.

Cage recently paid off more than $6.2 million off his total IRS tax debt, leading the IRS to release a lien against his real estate holdings. That figure was what he owed for the 2007 tax year. The IRS applied the lien in late-2008.

But that massive payment leaves him less than halfway toward being in good graces with the tax man.

He admitted that he owed a total of almost $14 million to the IRS, a figure he blamed on a former business manager who he said brought him to “financial ruin.”

Cage reportedly got into all the tax heat for under-reporting his income for years. That brought him into a Face/Off with the IRS, but it’s looking more likely that he won’t have a seat on a Con-air flight to federal prison.

Cage is one of Hollywood’s highest-paid actors, but that hasn’t stopped him from having an array of financial problems.

Like the old saying goes, it was more money, more problems for Cage. He gained a reputation for spending heavy, including buying a dinosaur skull on top of islands and castles. He also got into a dispute with the IRS over whether certain expenses were business and security-related.

From 2008-11 he acted in or produced 11 movies, helping him make a few bucks, remove his IRS lien, and reach partial financial freedom.

Cage was once able to pay a $1.8 million IRS tax bill for $666,000 – a big win for his tax attorneys.  But you don’t have to be a Hollywood star to settle your back tax debt for less than what you owe.

Whether your back tax debt is the size of Nicolas Cage’s, or more the size of an average Joe, our tax attorneys and tax professionals are able to represent you and help you obtain an outcome that works in your favor. Which is one Hollywood ending worth cheering.

Highly-Sought NFL Quarterback Pays Less in Centennial State

In one of 2012’s biggest sports deals, star NFL quarterback Peyton Manning signed a $96 million, five-year deal with the Denver Broncos. Released by the Indianapolis Colts to free up some capital, Manning was courted and sought by multiple teams.

One of those teams was the San Francisco 49ers, and when Super Bowl-winning quarterback Eli Manning’s older brother looked took a pass on the team from Northern California, anti-tax activists sought to turn his football deal into political football.

Activists at the California Taxpayers Association are using Peyton Manning’s deal to highlight California’s tax rates and highlight Gov. Jerry Brown’s proposed tax measure to increase taxes on the wealthy.

California’s highest earners could send 13.3 percent of their income to Sacramento if Brown’s measure passes (the top rate currently stands at 10.3 percent). Colorado’s top tax rate stands at much smaller 4.63 percent.

Whether the tax rates played a role in Manning’s decision isn’t known, but the CTA estimated that without endorsement or other income he’d pay only $4 million of his $96 million in state income tax playing for the Broncos.

If he became a 49er, he’d pay either $8.9 million or $11.5 million in state income tax, depending on whether voters give Gov. Brown’s proposed tax measure the nod.

No matter which team he ended up playing for, whoever signed Manning was set to take on a big risk, but with a big reward. The 37-year old star quarterback missed the entire 2011 season after having his third neck surgery in less than two years.

But Manning will reap much reward playing in Colorado. The state is ranked the 39^th lowest tax burdened state in the country, according to the Tax Foundation. He would have ended up with even more money playing for the Miami Dolphins. Florida has no state income tax.

You may not be a star quarterback, but the IRS could treat you like one with the right representation. Finding yourself in the gridiron with a team of IRS agents isn’t fun, but hiring a tax attorney or tax professional will make it more likely that you’ll score a couple financial touchdowns of your own, which is a tax break everyone could

Pac-Man Can’t Knock Out the Tax Man

He may be able to knock out prize fighters in the ring, but that doesn’t mean eight time world champion boxer Manny Pacquiao is free from the tax man.

Tax authorities in Pacquiao’s home country the Philippines are looking into the “Pac Man” and whether he’s paid his fair share of taxes. Pacquiao recently received a criminal complaint from the Philippines Bureau of Internal Revenue – think of it as the Filipino IRS – for failing to cooperate in its investigation.

Officials accuse him of stalling when it comes to producing documents about his fighting contracts and product endorsements. They’re being sought by the bureau’s tax investigators.

Pacquiao’s record in the ring is strong (54-3 with two draws) and so are his assets. He declared more than $26 million in assets in May 2011 with no liabilities. He’s also a member of the Filipino parliament, and its richest member.

Like other high-profile professional boxers, Pacquiao makes serious bucks. He reportedly earned $35 million for fighting Josh Clottey and Miguel Cotto. So he can be sure that the IRS is keeping an eye on his tax returns as well.

As for the tax authorities back home, they haven’t decided whether to file charges against Pacquiao. He said in a television interview that he wasn’t evading the tax man.

If you find yourself in a similar situation as the Pac-Man and owe the taxing authorities back taxes, don’t roll up your sleeves and go toe-to-toe with the IRS alone. By hiring a tax attorney or tax professional, you’ll have a strong corner when you get into the ring, helping you take a fair swing to knockout penalties, garnishments, and bank levies.

All About the Lost Benjamins for Famed Rapper

When it comes to rap stars and money, it’s all about the Benjamins.

But rapper and music producer Jermaine Dupri lost a lot of Benjamins when he didn’t pay his taxes on time. A lot being $240,000 worth. That’s a lot of $100 bills.

Dupri’s known for his hip hop hit “Welcome to Atlanta” where he raps about partying every day of the week. But all that partying seems to have served him an expensive lesson.

He owed nearly $255,000 in taxes, which for a music mogul like himself could be pocket change. But that giant lien ended up costing more than $490,000 after extra costs were added on.

Dupri has brought many hip hop acts into the music industry, including Destiny’s Child and Beyonce Knowles. But his business and musical acumen couldn’t shave off the $91,000 in interest, $65,000 in penalties and $82,000 in collection fees he had to pay to bring his tax debt to zero.

He ended up paying nearly twice what he owed, and his situation isn’t any different from other people who owe back tax debt to the IRS.

Where a famed rapper fell short, you can prevail. If you owe back taxes, hiring a skilled tax attorney can stack the odds for a favorable outcome in your favor, helping you avoid massive penalties and interest fees. Even if you don’t have a huge recording contract, the money you save could be music to your ears