IRS Accuses Nicolas Cage Of Illegally Writing Off Personal Expenses

The Internal Revenue Service says movie star Nicolas Cage used a company he owns to wrongly write off $3.3 million in personal expenses, including limos, meals, gifts, travel and his Gulfstream 1159A turbojet.

In just-filed U.S. Tax Court lawsuits, the 44-year-old actor--using his legal name of Nicolas Coppola--is disputing a personal IRS bill for $814,000 in taxes and penalties from 2002 to 2004, while his Saturn Productions of Los Angeles is fighting a demand for $988,000. The feds hit Cage both ways, denying Saturn a deduction for the disputed expenses while taxing Cage individually on the perks as salary and "constructive dividends."

Keep Reading

Not that Cage is the only celebrity to tussle with the IRS. Read about actor Wesley Snipe's brush-in with tax fraud here.

Comments

[realitytrumpsbull]

05:09 PM on 02/21/2008

Hey, was there ever any more on the harriette walters story? BALANCE THE FEDERAL BUDGET SO PEOPLE AREN'T FORCED TO BE CROOKS TO GET AHEAD.
Uncle Dick's Magic Poison Government Doughnuts.

[realityisbetter]

03:15 PM on 02/21/2008

It's the old addage. What's the difference between tax avoidance and tax evasion? A good accountant. The most honest businesses "bend" the rules and most break them with impunity.

[watchingthings]

08:05 AM on 02/21/2008

Now the slimeball is sueing Kathleen Turner on bullshit charges. He's probably sueing in England because he may be thinking that he's alot smarter then the English legal system and he can bamboozle them easily.

[FeloniouslyAnnoying]

02:22 AM on 02/21/2008

Ahh, the American dream; being rich enough to have people cleverly dodge the tax code to your benefit.

Sounds like he just got greedy.