How can Cecil Fielder owe that much?

[Simon_Cowbell]

From an AOL blog:

So it should come as no huge surprise that Cecil finds himself on the wrong end of an IRS lien (like there's a right end). From the TaxWatchdog at Detroit News.
Former Detroit Tigers star Cecil Fielder owes $273,123.29 in federal taxes, the latest financial issue facing a slugger who has had a slew of money problems in recent years, records show.

>>>

Now, isn't the statute of limitations to audit taxes three years?

What could Fielder possibly earned the past three years to have evaded that much in taxes?

Please, a tax star, enlighten me....

 

[Sea Bass]

Deferred salary?

 

[Mizzougrad96]

The Freep did an amazing story on Fielder's financial woes a few years back.

 

[hockeybeat]

From an AOL blog:

So it should come as no huge surprise that Cecil finds himself on the wrong end of an IRS lien (like there's a right end). From the TaxWatchdog at Detroit News.
Former Detroit Tigers star Cecil Fielder owes $273,123.29 in federal taxes, the latest financial issue facing a slugger who has had a slew of money problems in recent years, records show.

>>>

Now, isn't the statute of limitations to audit taxes three years?

What could Fielder possibly earned the past three years to have evaded that much in taxes?

Please, a tax star, enlighten me....

Maybe with autograph signings? Generally, those are cash deals. If he didn't report the income...

 

[Mizzougrad96]

Unless I'm mistaken, I think the statute is seven years.

He's probably making the bulk of his money from card shows and appearances, which a ton of athletes love to demand payment in cash and they declare little, if any of it. I think that's how Pete Rose wound up in jail.

 

[spnited]

There is no statute of limitations.
Original audit can go back only three years. But if they find errors or inconsistencies, they can go back another three years...etc., etc., etc.

 

[Simon_Cowbell]

There is no statute of limitations.
Original audit can go back only three years. But if they find errors or inconsistencies, they can go back another three years...etc., etc., etc.

What's the difference between an "original audit" and "if they find inconsistencies"?

I thought that is the idea behind an audit.

 

[spnited]

They can do a random audit of anybody and some people don't have any problems.

 

[Armchair_QB]

There is no statute of limitations.
Original audit can go back only three years. But if they find errors or inconsistencies, they can go back another three years...etc., etc., etc.

What's the difference between an "original audit" and "if they find inconsistencies"?

I thought that is the idea behind an audit.

My guess is that the law allows for deeper audits if a problem is found within the three-year window.

I can't believe the IRS would put a limit into how far back they can look for money.

 

[Simon_Cowbell]

They can do a random audit of anybody and some people don't have any problems.

I think you are in the clear, as an individual, after three years without an IRS action.

 

[Simon_Cowbell]

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.

 

[PopeDirkBenedict]

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.

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.

 

[Simon_Cowbell]

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.

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.

Intent?

 

[PopeDirkBenedict]

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.

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.

Intent?

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]

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.

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.

Intent?

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.

Man... how much could HE possibly be making at card shows.

Isn't that industry dead for mediocre players?

 

[JayFarrar]

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]

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]

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

Apple. Tree. Yadda, yadda, yadda.

 

[Diabeetus]

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

 

[Starman]

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.