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.
Stock Basis Reporting on Form 1099-B in 2011
Stock Basis Reporting on Form 1099-B in 2011 By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP See the new Form 1099-B for 2011 that requires “cost basis” information. Form 1099-B 2011 In the past, the client’s sometimes don’t know or can’t find their cost basis in stocks they have sold. Major…
Bond Risks and How Bond Funds Deal With Them
Bond Risks and How Bond Funds Deal With Them A bond is a promise. In return for the money lent to a corporate or governmental borrower, the borrower pledges to make periodic payments of interest at a fixed rate and to repay the original loan after a set period of time. Both the date at…
Meeting the Challenge of College Costs
Meeting the Challenge of College Costs Your child has entered high school and is just four years away from college. It’s time to get serious about figuring out how much it’s going to cost. Based on recent data from the College Board, if he or she goes to a private four-year university, the cost for…
What’s the Real Motivation Behind Keurig Moving Coffee Business From U.S.?
What’s the Real Motivation Behind Keurig Moving Coffee Business From U.S.? By Alan Olsen Just about any large American company that does business outside of the U.S. finds ways to save money on its tax bill. That is due, in large part, to the fact that the U.S. corporate tax rate is a whopping 35…