Tag Archives: tax debt help

Deceased Guitarist Should Have Opted for Tax Settlements

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Bo Diddley, who died at the age of 79 in 2008, had sold some of his music rights to pay for his medical care after a stroke. Shortly after, Diddley incurred a large tax debt, as the IRS is claiming taxes on the sale.

Diddley’s managers were given permission by circuit judge Robert Roundtree to sell off his music catalog to pay for his outstanding IRS debt of $1.1 million. The assets are estimated to be worth $4.3 million. However, the guitarist’s 22 heirs are opposed to selling the rights to the numerous songs in his music catalog. The fees and commissions charged by Diddley’s managers, agents, and estate attorney were also objected to by the heirs.

All of this headache could possibly have been avoided had Diddley opted for one of the types of tax settlements. If you need tax debt help, call Professional Tax Resolution and speak with one of our licensed tax experts.

Potential Tax Debt for Los Angeles Religious Center

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The tax-exempt Kabbalah Centre and many of its charities is being investigated by the Internal Revenue Service for financial improprieties. Many of the charities are backed and supported by celebrities. Madonna had even replaced the CEO of one of the charities, Raising Malawi. The singer later moved the charity out of the Kabbalah Centre’s office after learning plans of building a girl’s school in Malawi were abandoned despite raising millions of dollars for that purpose.
The former CFO has accused the Centre of financial improprieties and plans on coordinating with the IRS in bringing the group down. Several instances of tax fraud had been uncovered that could potentially bankrupt several directors due to tax debt and penalties. (buildersmerchant.com)
If you have incurred business tax debt, Professional Tax Resolution can help. Talk with one of our licensed tax professionals and see what options you have for tax settlements. We can provide tax debt help.