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.
Invest QSBS exclusion
Invest QSBS exclusion Updated: 1/23/2013 The FTB issued Notice 2012-03 on December 21, 2012. The Notice states that the Court of Appeal’s holding in Cutler v. Franchise Tax Board (2012) 208 Cal. App. 4th 1247, that the qualified small business stock exclusion and deferral statutes determined that the qualified small business stock statues–California Revenue and…
IRS Representing Yourself
IRS Representing Yourself So you are under audit with the IRS or the Franchise Tax Board. Thinking about representing yourself. I suggest that you think again. As a former IRS agent, some of the easiest adjustments came from individuals representing themselves. Simply put, I would ask questions and then listen to responses. Within the first…
New Ethics Rules Mean Some CEOs Will Be Hunting for a New CPA
New Ethics Rules Mean Some CEOs Will Be Hunting for a New CPA View in PDF Format (San Jose Business Journal) The relationship between a chief executive and his accountant is an extremely important one. An outside accountant can be one of your most trusted business advisors and a key to your success. That’s one…
Tax Medical Deductions
Tax Medical Deductions April 15th is almost here and if you are owing tax it may pay to take a second look at that return to see if you claimed all medical deductions you are entitled to. Your diligence in keeping track of expenses will pay off. IRS Publication 502 has a complete listing of…