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.
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