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.

Posted in
Obama Administration Looking to Make Art Collectors pay

Obama Administration Looking to Make Art Collectors pay

Are you a collector? You may have read that the Obama administration was looking to make art collectors pay more taxes.  Just last week we discussed how investors could save a lot of money on taxes from selling expensive collectibles like art. Well now it appears that they are apparently looking to put a stop…

Is Your 2015 Tax Plan Ready?

How did your 2014 tax season go? Was it a success, or did it lack something to be desired? Did you get a nice return, or did you end up owing the IRS more than you expected? Did you make any mistakes when you filed your taxes or discover after the fact that you missed…

How To Avoid Taxes on Income From Selling Expensive Art?

How To Avoid Taxes on Income From Selling Expensive Art?

Income tax on sale of Paintings Are you a collector of rare and expensive art? Are you tired of getting hit with high tax bills every time you sell one of your pieces? Anyone who deals with extremely value collectibles like artwork knows how expensive these works can be. Taxes for artists At the same…

IRS Blames Budget Cuts for Smaller Workforce, Poorer Customer Service

If you had any less than desirable experiences with the IRS this year then you’re probably not alone. That’s because the top tax agency continues to be plagued by complaints of poor customer service and a general lack of assistance. According to the IRS there’s good reason for that. The agency says it cannot keep…