MTN Town Magazine - Spring/Summer 2018 Issue

Page 36

MTN

biz

Bad Behavior BY LARRY STONE In 1976, Harvard historian Laurel Thatcher Ulrich wrote miss such an obvious responsibility. an article about pious and well-behaved colonial wives and Badly behaving actresses have caught the IRS’s daughters for an obscure academic journal. She observed attention too. Teri Polo, who played the lovely Pam Focker that “Well-Behaved Women Seldom Make History” without in the “Meet the Fockers” series, racked up $745,000 ever dreaming it would become a catchphrase, popularized in overdue taxes while raising two children as a single on t-shirts, mugs, bumper stickers and websites. But mom. Baywatch actress Pamela Anderson learned that women who demand the same respect that society offers fighting the IRS is no day-at-the-beach when the Service men haven’t limited themselves to building businesses, came after her for $1.7 million. And who could leave a changing our culture or running for President. They’ve also listing of actresses behaving badly without bringing up proven they can behave badly when it comes to taxes, too! Lindsay Lohan? Yes, the adorable former child star grew Leona Helmsley, who with her husband built up to experience three different tax liens. Lindsay a real estate empire including the popular learned what it means to take on the “Mean Helmsley hotels, featured herself in advertising Girls” the hard way when the IRS levied her “Wellbehaved behaved “Well as the “Queen” who wanted nothing but the bank account in December 2012 to pay those womenseldom seldom women best for her guests. Although her net worth outstanding amounts. makehistory. history. make was over $1 billion, behind the scenes, Women who behave badly with taxes Thisisisnot not This she was known for disputing payments to come from all sorts of professions. Style icon history one would history one would contractors and vendors. One such dispute want to make Martha Stewart owed New York property want to make became her undoing as the contractors sent a however.” taxes because she didn’t stay at her residence however.” stack of falsified invoices to the New York Post enough days to avoid the tax. Lindsey Vonn to prove that she was trying to avoid tax liabilities. “won” a $1.7 million tax lien for “missing the After being indicted for tax evasion by U.S. Attorney gates” on taxes after winning the gold in the World Ski Rudy Giuliani, she was quoted as saying “We don’t pay Championships. Annie Leibovitz, the famous photographer taxes. Only the little people pay taxes.” In her later years, of John Lennon and Yoko Ono, owed $2.1 million and was she became known as the “Queen of Mean,” but did have forced to pledge her copyrights to the IRS for every photo a redeeming feature. She left over $12 million dollars to her she has ever taken or ever will as security for a loan to pay Maltese dog named Trouble. off the amount due. Lots of musicians have behaved badly with taxes. Although not all women who behave badly with taxes These include such popular singers as Lil’ Kim (owes more may qualify as a “Queen of Mean” or “Mean Girl,” some than $1 million), Lauryn Hill (owes $1.8 million), and Mary may be victims of their own success. We encourage all J. Blige (owes $900,000). But none of them owe as much women, no matter what they do, to avoid the financial as Dionne Warwick, the superstar from the 1960s and 70s mismanagement issues related to taxes by planning. who owed over $10 million. Her 1967 hit, “I Say a Little Prayer,” is about a woman praying for her boyfriend serving Working with a tax coach will ensure that you are tax efficient and saving all the cash you are legally allowed. We in Vietnam—but it’s not hard to imagine Dionne praying would be glad to assist you in answering your questions for the IRS to “overlook” her debt! Musicians who wind up owing the IRS often say they rely on their managers so you can make history but avoid getting on the “women to make their tax payments—still, it’s hard to believe they who behave badly” list at the IRS. 36

SPR IN G /S U MME R 2018 | mtntow nm a ga z ine.com


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