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.
Crazy Tax Deductions
Crazy Tax Deductions Every year at tax time, people try to come up with items to deduct or write off on their tax return. Sometimes the IRS allows them, and sometimes they don’t. We’ve compiled a list of our favorite crazy tax deductions, some were successful and others were not. Crazy Tax Deductions that the…
Renting Your Vacation Home
Renting Your Vacation Home Source: IRS.gov Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return. However, if you rent the property for only a short time each year, you may not be required to report the rental income. The IRS offers these tips…
Summer Job Tax Information for Students
Summer Job Tax Information for Students Source: IRS.gov When summer vacation begins, classroom learning ends for most students. Even so, summer doesn’t have to mean a complete break from learning. Students starting summer jobs have the opportunity to learn some important life lessons. Summer jobs offer students the opportunity to learn about the working world…
Small-business Owners Struggle With ‘Work-Life Balance’
Small-business Owners Struggle With ‘Work-Life Balance’ January 9, 2006 Small-business owners daily walk a fine line dividing their time between the demands of work and personal life. Often times, work wins out. From paying the bills to managing employees, the daily operations of running a business can be overwhelming. “So many small-business owners get caught…