- Days left
Joe FrancisEarlier this month, Girls Gone Wild promoter Joe Francis plea-bargained his way out of a possible prison sentence for charges related to filing false tax returns. By pleading guilty to filing false tax returns and bribing Nevada jail workers, Mr. Francis was sentenced to time served and one year of probation, according to the Los Angeles Times.

Initially accused of taking $20 million in fraudulent tax deductions, Francis ended up pleading guilty to a misdemeanor, the newspaper reported.

"It took us seven months, but in the end we demonstrated that the felony tax charges never should have been brought in the first place," Brad Brian, Francis' lead trial attorney, said in a statement.

But now the IRS is back for more.

According to TMZ, "The IRS wants some serious "Girls Gone Wild" money, because they've filed a lien against Joe Francis for a whopping $33,819,087.14 ... this according to documents obtained by TMZ." The IRS says he failed to pay $17,658,358 in 2001, $11,238,582.14 in 2002, and $4,922,147 in 2003.

Just how lucrative is the market for raunchy videos of college girls? You have to make a lot of money to owe $33.8 million in back taxes -- although Mr. Francis apparently told TMZ that he will now have to file for bankruptcy protection. President Obama should step in to make sure that Mr. Francis stays in business -- the Treasury Department rejected Francis' request for bailout money earlier this year, but it may be time to reconsider. Just think about how many jobs he's creating for unemployed recent college graduates!

Fortunately, Mr. Francis has also had some good news this week: according to news reports, he won a preliminary legal battle in Panama City, in a case related to allegations that he taped underage women nude.

Increase your money and finance knowledge from home

Introduction to Retirement Funds

Target date funds help you maintain a long term portfolio.

View Course »

Managing your Portfolio

Keeping your portfolio and financial life fit!

View Course »

TurboTax Articles

Video: Tax Filing Requirements for Children

Depending on how much money they made during the year, your children may very well have to file for taxes. Learn about tax filing requirements for children with help from TurboTax in this video on tax tips.

Are Losses on a Roth IRA Tax Deductible?

When the value of your investments in a Roth IRA (Roth Individual Retirement Account) decreases, you might wonder if there is a way to write off those losses on your federal income tax return. Find out what you can and can't write off when it comes to your Roth IRA.

Video: Save Taxes by Saving Energy

Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. From basements to attics, the federal government wants homeowners to save energy year-round. They're even willing to pitch in with tax credits for energy-efficient improvements.

Add a Comment

*0 / 3000 Character Maximum