How can Cecil Fielder owe that much?

Simon_Cowbell · Dec 1, 2008

PopeDirkBenedict said:

Simon_Cowbell said:

http://www.wwwebtax.com/audits/statute_of_limitations.htm

How does the Statute of Limitations affect tax obligations with the IRS?

The statute of limitations limits the time during which an action can be brought by the IRS for an audit and the time for IRS tax collection activities. Generally, there is a 3-year statute of limitations for the IRS auditing a tax return and a 10-year statute of limitations for the IRS collecting tax.

Under section 6501(a) of the Internal Revenue Code (Tax Code) and section 301.6501(a)-1(a) of the Income Tax Regulations (Tax Regulations), the IRS is required to assess tax within 3 years after the tax return was filed with the IRS. Similarly, under 301.6501(a)-1(b) of the Tax Regulations no proceeding in court by the IRS without assessment for the collection of any tax can begin after the expiration of 3 years.
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Same page

The statute of limitations does not apply in the case of a false tax return or fraudulent tax return filed with the IRS with intent to evade any tax. See section 6501(c)(1) of the Tax Code and section 301.6501(c)-1 of the Tax Regulations.
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Intent?

PopeDirkBenedict · Dec 1, 2008

Simon_Cowbell said:

PopeDirkBenedict said:

Simon_Cowbell said:

http://www.wwwebtax.com/audits/statute_of_limitations.htm

How does the Statute of Limitations affect tax obligations with the IRS?

The statute of limitations limits the time during which an action can be brought by the IRS for an audit and the time for IRS tax collection activities. Generally, there is a 3-year statute of limitations for the IRS auditing a tax return and a 10-year statute of limitations for the IRS collecting tax.

Under section 6501(a) of the Internal Revenue Code (Tax Code) and section 301.6501(a)-1(a) of the Income Tax Regulations (Tax Regulations), the IRS is required to assess tax within 3 years after the tax return was filed with the IRS. Similarly, under 301.6501(a)-1(b) of the Tax Regulations no proceeding in court by the IRS without assessment for the collection of any tax can begin after the expiration of 3 years.
Click to expand...

Same page

The statute of limitations does not apply in the case of a false tax return or fraudulent tax return filed with the IRS with intent to evade any tax. See section 6501(c)(1) of the Tax Code and section 301.6501(c)-1 of the Tax Regulations.
Click to expand...

Intent?
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If the IRS is able to prove that he knew he owed taxes on card shows (as an example) and chose not to report it, there is no SoL.

Simon_Cowbell · Dec 1, 2008

PopeDirkBenedict said:

Simon_Cowbell said:

PopeDirkBenedict said:

Simon_Cowbell said:

http://www.wwwebtax.com/audits/statute_of_limitations.htm

How does the Statute of Limitations affect tax obligations with the IRS?

The statute of limitations limits the time during which an action can be brought by the IRS for an audit and the time for IRS tax collection activities. Generally, there is a 3-year statute of limitations for the IRS auditing a tax return and a 10-year statute of limitations for the IRS collecting tax.

Under section 6501(a) of the Internal Revenue Code (Tax Code) and section 301.6501(a)-1(a) of the Income Tax Regulations (Tax Regulations), the IRS is required to assess tax within 3 years after the tax return was filed with the IRS. Similarly, under 301.6501(a)-1(b) of the Tax Regulations no proceeding in court by the IRS without assessment for the collection of any tax can begin after the expiration of 3 years.
Click to expand...

Same page

The statute of limitations does not apply in the case of a false tax return or fraudulent tax return filed with the IRS with intent to evade any tax. See section 6501(c)(1) of the Tax Code and section 301.6501(c)-1 of the Tax Regulations.
Click to expand...

Intent?
Click to expand...

If the IRS is able to prove that he knew he owed taxes on card shows (as an example) and chose not to report it, there is no SoL.
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Man... how much could HE possibly be making at card shows.

Isn't that industry dead for mediocre players?

JayFarrar · Dec 1, 2008

Fines such as failure to file, late filing, failure to file quarterlies, not declaring income. Interest.
His original back tax bill might not have been that much, next thing you know, it has mushroomed into a whole bunch of money.

ifilus · Dec 1, 2008

Posted on Thu, Jun. 19, 2008

Report: Prince Fielder owes $400,000 to IRS

Daily News Wire Services
Brewers slugger Prince Fielder owes more than $400,000 in unpaid taxes, according to a published report.

Fielder declined to comment on the report through a team spokesman before last night's game against Toronto. An Internal Revenue Service spokesman told the Associated Press that Fielder could have made payments or even paid it off, but that it might not be recorded yet.

The Detroit News' Tax Watchdog blog published Tuesday a copy of the IRS' Notice of Federal Tax Lien filed against Fielder on Oct. 6, 2005. It was addressed to a residence in his name in Melbourne, Fla., and noted he owed a total of $409,149.14 assessed on Sept. 13, 2004, and Feb. 7, 2005.

http://www.philly.com/dailynews/sports/20080619_Report__Prince_Fielder_owes__400_000_to_IRS.html

Paper Dragon · Dec 1, 2008

ifilus said:

Posted on Thu, Jun. 19, 2008

Report: Prince Fielder owes $400,000 to IRS

Daily News Wire Services
Brewers slugger Prince Fielder owes more than $400,000 in unpaid taxes, according to a published report.

Fielder declined to comment on the report through a team spokesman before last night's game against Toronto. An Internal Revenue Service spokesman told the Associated Press that Fielder could have made payments or even paid it off, but that it might not be recorded yet.

The Detroit News' Tax Watchdog blog published Tuesday a copy of the IRS' Notice of Federal Tax Lien filed against Fielder on Oct. 6, 2005. It was addressed to a residence in his name in Melbourne, Fla., and noted he owed a total of $409,149.14 assessed on Sept. 13, 2004, and Feb. 7, 2005.

http://www.philly.com/dailynews/sports/20080619_Report__Prince_Fielder_owes__400_000_to_IRS.html
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Apple. Tree. Yadda, yadda, yadda.

Diabeetus · Dec 1, 2008

Start collecting on what these guys owe and maybe we can fix the national debt

Starman · Dec 1, 2008

Cecil Fielder: Drugs?
Jeannie Bueller: Thank you, no, I'm straight.
Cecil Fielder: I mean, are you here for drugs?
Jeannie Bueller: Why are you here?
Cecil Fielder: Drugs.

Drip · Dec 1, 2008

Cecil wasn't the sharpest knife in the drawer. But deferrered salary and a sleazy agent also played a part too. Cecil's gambling and womanizing didn't help matter any.

ballscribe · Dec 2, 2008

The son can write the cheque. After all, without those genes, where would he be, regardless of whether he actually gets along with the old man or not. ;-)

Cousin Jeffrey · Dec 2, 2008

ballscribe said:

The son can write the cheque. After all, without those genes, where would he be, regardless of whether he actually gets along with the old man or not. ;-)
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Didn't Cecil take a good portion of his bonus by acting as his "agent?" There was some financial stress to the ending of their relationship, I think...

Hank_Scorpio · Dec 2, 2008

Prince and Cecil don't talk anymore.

And besides, Prince has tax problems of his own (as talked about earlier in the thread).

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How can Cecil Fielder owe that much?

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How can Cecil Fielder owe that much?

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