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