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Prince Runs Into Tax Trouble With IRS

Photo by Kevin Winter/Getty Images

I’m going to take what I’m sure is an  unpopular view on this story and defend Prince. Songwriters, musicians, actors etc. are just that. Their call in life is to perform and entertaine period. If you asked Prince (or any other major star) what his net worth is, or what he owes in taxes, he wouldn’t have a clue. What he would do is make an appointment with his  managers, and accountants to find out.

He relies on his accountants much the same way we rely on our tax preparation service. His accountants and management pay his bills for him.  I don’t believe there has been any wrongdoing on his part, and nothing more than a possible oversight by those who handle his funds. Prince has my vote and support. His accounting firm, I’m not so sure.

Prince appears to be in trouble with both the Internal Revenue Service and the French. Acting on behalf of French tax authorities, the IRS summoned Prince to make an appearance with the tax man in order to determine if he owed taxes to France for performances in that country in 2009 and 2010. Prince was a no-show for the recent summons request. A court has been asked to enforce the matter. Prince also has had tax troubles in his home state of Minnesota. He also has had to make arrangements to pay 1.9 million in back property taxes for 2009 and 2010.

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