In an attempt to lighten the mood here in the tax lounge, I thought it would be amusing to showcase some of the more prevalent celebrity tax scandals of the past century. Special thanks to The Daily Beast for their inspiration.
- Pete Rose - most famously known for gambling on his own baseball games and his subsequent ban from the sport, ole Petey was charged in 1990 for filing false income tax returns. He conveniently left out his income from autographs, memorabilia sales and horse-race winnings. He spent 5 months in prison and paid back over $366,000 and performed 1,000 hours of community service.
- Sinbad - the hilariously funny comedian topped California's list of top tax evaders in 2007 with a balance of more than $2.1 million!
- Judy Garland - we going way back on this one - Garland was the star of the Wizard of Oz and failed to pay taxes in 1951 and 1952. When it all piled up, she was $4M in hole to Uncle Sam by the time 1964 crept around.
- Al Capone - the most famous mobster of all time was indicted for tax evasion in 1931 in regards to his tax filing from 1925-1929. He was also charged with the misdemeanor of failing to file tax returns for the years 1928 and 1929. The government charged that Capone owed $215,080.48 in taxes from his gambling profits. He was convicted and ordered to serve an 11-year sentence!
- Nicolas Cage - the famous actor from Gone in 60 Seconds and National Treasure is on the hook for a whopping tax lien of $6,257,005.00!!! The tax troubles stem from his 2007 income tax returns and come on the tail end of a recent victory against the IRS regarding his 2002-2004 tax returns.
You can find the full list of 19 highlighted celebrity tax cheats along with a fun little photo slideshow by going to The Daily Beast Media Gallery: Famous Tax Evaders.