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Ozzy and Sharon Osbourne To Sell Malibu Beach House

Ozzy and Sharon Osbourne To Sell Malibu Beach House

Wednesday April 27, 2011

 Ozzy Osbourne and Sharon Osbourne OZZY and Sharon Osbourne have put their Malibu beach house up for sale for $10 million.

The married couple — who were recently presented with an unpaid $1.7 million tax bill by the Internal Revenue Service (IRS) which they have now paid –have decided they no longer want the luxurious five-bedroom house and have put it on the market.

As well as multiple bedrooms, the 4,500 square-foot property also boasts five bathrooms, a study, large living room, two balconies which provide panoramic ocean views and is situated directly on the beach within a gated community.

Rocker Ozzy and The Talk presenter Sharon rented out the California home for $40,000-a-month in 2010.

Earlier this month, Sharon admitted she blamed herself for the $1.7 million tax bill.

The 58-year-old star — who owed $718,948.25 for the 2008 tax year and $1,024,175.03 for 2009 — accepts she spent too much time focusing on herself rather than concentrating on her household finances.

“I’m to blame. Even though [the accountant] is paid to do a job, the buck stops with me. I was too involved with myself. I cancelled two meetings with him over the last 18 months because I was way too busy. The bottom line is it stops with me,” she said.

“The last couple of years, I have really been concentrating on myself – because I think I love myself a little bit too much – and not taking care of business.”

Tags: ozzy osbourne, sharon osbourne

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Nicolas Cage Owes $620,000 in Unpaid Gift Taxes

Nicolas Cage Owes $620,000 in Unpaid Gift Taxes

Saturday April 16, 2011

Nicolas CageNICOLAS Cage reportedly owes over $620,000 in unpaid gift taxes.

The Drive Angry star is alleged to have given a total of $1.8 million to various people between 2004 and 2009, but did not pay the required taxes, according to the Internal Revenue Service (IRS).

Gossip website TMZ obtained a federal tax lien filed against Cage in Los Angeles County on March 17 which states the Hollywood actor owes $624,934.64 for his donations.

Under US federal tax laws a 35 per cent tax must be paid by the giver on any large cash gifts.

In 2009, it was revealed Cage owed $14 million in unpaid taxes and fees for the years 2002, 2003, 2004 and 2007.

In December 2010, the 47-year-old Hollywood actor made a $360,545 tax payment to the US government to cover owed back taxes from 2002 to 2004.

Cage has claimed he was led “down a path of financial ruin” by his former business manager Samuel Levin, who he sued for $20 million.

He filed the lawsuit against Levin in October 2009, claiming his ex-employee had caused him “catastrophic losses” by making bad investments but dropped the case in September 2010 after allegedly agreeing to settle out of court.

The actor has been beset by financial problems in recent months and in October 2010 he was ordered to pay over $2 million to the Nevada State Bank.

He owed $2,511,605.74 because of a loan he defaulted on, as well as unpaid taxes, legal costs and lawyer’s fees after his Las Vegas home was repossessed last year.

Tags: nicolas cage

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Bristol Palin: $260,000 Paycheck For Bristol Palin For Advocating Against Teen Pregnancy

Wednesday April 6, 2011

Bristol PalinBRISTOL Palin really is raking in the big bucks!

The former Dancing With The Stars contestant and daughter of former Alaska governor and 2008 vice presidential candidate Sarah Palin was paid $262,500 for advocating against teen pregnancy in 2009.

The Candie’s Foundation, a nonprofit organization that seeks to raise awareness of teen pregnancy and parenting issues, reported Bristol Palin’s earnings to the Internal Revenue Service.

“We know that Ms. Palin’s work has had a positive effect on creating awareness about teen pregnancy,” Ali Tyrangel, a spokeswoman for the foundation, said in a statement.

Tyrangel said an independent survey of 1,000 teens comparing Bristol Palin public-service announcements with those of another organization using non-famous teens found that the Palin spots were much more powerful and attention-getting.

“Bristol Palin has been a courageous and powerful partner to the Foundation as we attempt to discourage teen pregnancy,” she said.

Representatives for Candie’s and Bristol Palin could not immediately be reached for comment.

Bristol, then 18, was pregnant during the 2008 presidential campaign and her son was born in the month after the election. She and the boy’s father, Levi Johnston, had a much-publicized breakup.

Bristol recently signed a book deal.

Publisher William Morrow, an imprint of HarperCollins, said the tome is an “intimate, behind-the-scenes look” at Bristol’s life.

The book will hit shelves later this year. The company declined to say how much the deal was worth.

“In [her book] Not Afraid of Life, Bristol gives readers an intimate behind-the-scenes look at her life for the first time, from growing up in Alaska to coming of age amid the media and political frenzy surrounding her mother’s political rise,” said the publisher in a statement.

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Martin Scorsese Owes $2.8 Million in Tax

Martin Scorsese Owes $2.8 Million in Tax

Tuesday March 8, 2011

Martin ScorseseMARTIN Scorsese reportedly owes $2.8 million in tax.

The Taxi Driver director — who has previously been asked to pay $1.9 million in back taxes in a series of demands from the US Internal Revenue Service (IRS) in the last decade — was asked to pay the past-due notice last month, although insiders have claimed it is only as a result of “mismanagement” from now-jailed accountant Kenneth Starr.

“Scorsese had been mismanaged for a number of years when he was at Starr and s**t started to happen again,” a source said.

“In a general sense, his finances were messed up, and this is probably one of many things that didn’t get tended to.”

However, Scorsese’s representative Leslee Dart has denied he owes any money, claiming the request is a mistake.

“The IRS prematurely filed this lien even though Mr. Scorsese had an agreement with the IRS to make payments and was fully complying. As of this moment, the entire amount is full paid, and he has no current IRS debts,” Dart said.

Last year Scorsese and his company Sikelia Productions were sued by a court-appointed receiver for Kenneth claiming he had not paid a $600,000 fee for services provided since 2006.

However, lawyers for the 68-year-old filmmaker have denied those claims in papers filed at Manhattan Supreme Court.

Kenneth was jailed for seven-and-a-half years last week for his involvement in a fraudulent Ponzi scheme — where separate investors are paid returns not from profit earned through their own money but funding from other investors.

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