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Prince's tax controversies, back tax issues continue

Although it may appear that the acclaimed artist Prince has caught up on all his tax issues with the French government, his tax liabilities reportedly still exist in Minnesota. The Minnesota performer's attorney has filed a court notice stating the star had incorrectly assumed his previous managers submitted the necessary tax returns to the French after he performed there and he was not aware they hadn't until September.

The issue came to light in July 2011 when officials from France informed the U.S. it wanted to review the artist's income tax liabilities for 2009 and 2010 claiming the artist had performed there during that period and owed back taxes. A summons was left at the artist's home in late March telling him to appear at an April meeting and to bring records of payments made to him or Paisley Park Enterprises from anyone in France.

The summons also requested Prince bring any payment records from Paisley Park Enterprises to Prince that were in relation to any of his shows in France. Prince and his attorneys opted to deal directly with French officials and have provided them with the requested information. An attorney representing Prince stated in an interview that all issues with the French tax authorities have been "straightened out" and that it had all been a misunderstanding.

The French tax imbroglio was just the latest tax issue for the Rock and Roll Hall of Fame member and multiple Grammy winning entertainer. According to reviews of Carver County tax records, the artist still owes more than $140,000 in back taxes, including $15,000 in fees and penalties on his Chanhassen home, which is owned by PRN Music Corp. Dealing with back tax issues and any IRS requests are best done sooner rather than later to avoid unnecessary fees and penalties.

Oftentimes and experienced tax attorney can negotiate on your behalf and reduce the overall tax debt after reviewing prior tax returns and documents for errors. It is also important to enlist the services of a tax attorney if you are facing a possible IRS audit as you do not want to go up against the IRS on your own. And an attorney is your best bet to reduce tax liabilities and avoid litigation if at all possible.

Source: Pioneer Press, "Prince's taxes paid up in France, lawyer says," David Hanners, Dec. 31, 2012

Our Hennepin County law firm helps individuals with a range of tax issues, including Minnesota Department of Revenue unpaid or underpaid taxes and IRS audits and litigation issues.

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