Soccer Star Will Have to Go to Trial for Alleged Tax Evasion
The ongoing tax saga of soccer star Lionel Messi will continue. That news comes after a judge in Spain ruled that the Barcelona FC star would indeed have to stand trial for tax fraud charges in association with his many endorsement deals with foreign companies. The news comes just days after a report stated that Mr. Messi would not have to go to trial, and that only his father would face the courtroom.
Not So Fast
However, the Spanish judge ruled otherwise and said that Mr. Messi and his father should both have to go to trial. Even though his lawyers argued that Mr. Messi did not have any hands-on dealings with his endorsement contracts, the judge ruled that he “couldn’t have ignored” that a large part of his revenue was coming from foreign companies. If he is convicted, the soccer star could receive a sentence for as long as 22 months.
No Jail Time Likely
However, the good news for Mr. Messi is that even if he is found guilty of the charges he will most likely not spend any time behind bars. That’s because sentences for financial crimes shorter than two years are typically suspended according to Spanish law. In addition, Mr. Messi and his father have reportedly either already paid, or have agreed to pay, the missing tax money, plus interest.
Mergers & Acquisitions
Mergers & Acquisitions Grow your firm by merging with GROCO. As with most firms, the best way to get to know GROCO is to read our web site. On the right hand side you can click on the word “Brochure” to get a fairly concise overview of the firm. The more one browses, hopefully, the…
Another Poor Showing for the U.S. Tax System
Another poor showing for the U.S. tax system? It seems that every day a new list of rankings is released about the locations where we live. Which state is best for owning a home, or which city has the highest vitality rate, are some of the topics discussed in previous lists, for example. Everyone has…
Overseas Account Penalties Increase As More Banks Sign On
Overseas Account Penalties Increase As More Banks Sign On It seems that every month we share an article describing the ever-increasing reach of the IRS throughout the world as they attempt to put a stop to any and all taxpayers who would try to avoid paying their fair amount of taxes. This month is no…
Tax on Foreign Income of US Citizens or Residents
Tax on Foreign Income of US Citizens or Residents Foreign Earned Income Exclusion Individual US citizens and residents are taxed on their worldwide income. However, IRC Sec. 911 provides that qualified taxpayer can elect to exclude foreign earned income up to $87,600 from taxable income. (Read IRS Pub 54 for more details.) The qualifications are:…