- Days left

The Osbournes' New Reality: A $1.7 Million Tax Lien

Ozzy and Sharon Osbourne face a $1.7 million tax lien.Ozzy and Sharon Osbourne may be making plans to attend the Royal Wedding in the UK, but the couple is currently making news here in the United States. Several media outlets, led by TMZ, have reported that the IRS has filed a $1.7 million lien for unpaid taxes against the rock star couple.

According to lien documents filed in the L.A. County Recorder's Office, Ozzy and Sharon owe $718,948.25 in unpaid taxes for the 2008 tax year, and $1,024,175.03 in unpaid taxes for 2009. The amount of the lien astonished many, considering the level of success that the Osbournes have achieved over the past few decades. In addition to Ozzy's music career, the two have earned income from media appearances, shrewd business ventures (such as OzzFest) and their former reality show on MTV. Estimates place the couples' net worth at close to $180 million.There has been no official comment from the Osbourne camp about the nature of the liens, but Sharon unofficially addressed the issue on Twitter, noting last week:

You can't rely on anyone but yourself. You have to be on top of your own business affairs. My fault........lesson learned.

She followed up this week with an explanation by tweeting:

Just because you're paying someone doesn't mean they're doing the job correctly.

While it's easy to jump to conclusions and slap labels on taxpayers in trouble, poor financial advice is more common than you would imagine. In fact, it's a frustration shared by many taxpayers, including actor Nicolas Cage. Cage, who at one point was said to owe the IRS nearly $20 million in unpaid taxes, blamed his business manager for making poor decisions that ultimately lead to his financial issues. Cage has since switched business managers and is taking steps to repay the IRS.

You don't have to be a rock star or actor to fall prey to bad advice. Stories like these underscore the importance of hiring a good tax professional.

Increase your money and finance knowledge from home

Basics Of The Stock Market

Stock Market 101 - everything you need to know but were afraid to ask!

View Course »

How much house can I afford

Home buying 101, evaluating one of your most important financial decisions.

View Course »

TurboTax Articles

Employer Sponsored Health Coverage Explained

The Affordable Care Act, also known as Obamacare, is simpler than some people may give it credit for. The basic rule to remember is that everyone must carry Minimum Essential Coverage (MEC) or pay a penalty. Employers with 50 full-time employees or more are obligated to sponsor plans for their workers to help them meet this requirement.

How to Report RSUs or Stock Grants on Your Tax Return

Restricted stock units (RSUs) and stock grants are often used by companies to reward their employees with an investment in the company rather than with cash. As the name implies, RSUs have rules as to when they can be sold. Stock grants often carry restrictions as well. How your stock grant is delivered to you, and whether or not it is vested, are the key factors when determining tax treatment.

What is a Schedule Q Form?

The Internal Revenue Service (IRS) has two very different forms that go by the name Schedule Q. One of them is for people who participate in certain real estate investments; this is known as a Form 1066 Schedule Q. The other Schedule Q deals with employer benefit plans. It?s not something an individual taxpayer would normally have to deal with, though a small business owner might need it.

Incentive Stock Options

Some employers use Incentive Stock Options (ISOs) as a way to attract and retain employees. While ISOs can offer a valuable opportunity to participate in your company's growth and profits, there are tax implications you should be aware of. We'll help you understand ISOs and fill you in on important timetables that affect your tax liability, so you can optimize the value of your ISOs.

Add a Comment

*0 / 3000 Character Maximum