Tiger Woods May Face IRS Tax Charges
December 21st, 2009 - 9:20 pm ICT by GD ( 2 comments )By Meena Kar
Dec 21, (THAINDIAN NEWS) The celebrated golfer Tiger Woods, whose sexual scandals are making the news headlines, is facing a tough time these days. Eighteen mistresses have already revealed to have had an affair with the golf pro and has dismantled his marital life. While his wife has decided to end the marriage, many of his sponsors have decided to terminate the contract that they have signed with the golf pro for promoting their brand. The golfer who is already entangled by the reports of media, disappointment of wife and sponsors might face more problems if the IRS decides to file tax filing charges against him.
The reports of multiple affairs and paying them thousands of dollars have raised the question whether the golfer used his own money or used the money of his business. According to the reports, if the golfer used to fund the payment of his prostitutes and mistresses from his business account, then he should prepare for a tough time. IRS does not consider these types of expenses as legal expenditure for running a business. If the golfer has used business fund, then IRS might charge him for claiming tax deduction in an illegal manner.
The golfer can only avoid the difficult situation if he has paid his mistresses from his own money. The income that the golfer secures from his game and sponsors has been already taxed and paying the money to mistresses from this account would help him avoid any tax related problems. It is still unknown whether the golfer has used business fund or own income for expenditures on his mistresses.
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December 22nd, 2009 at 12:55 am
If Tiger Woods has in fact been using his business account to fund his mistresses and prostitution addiction (and not his personal accounts), would Nike company officers see that as a violation of his contract with them?
The IRS is looking into this issue and it may create further embarrassment for Nike.
Wood’s recently disclosed texts and behavior suggest a socially immature, untrustworthy, and sexually gluttonous person. A misuse of business funds will suggest yet another level of misconduct. Expect it to further sully Nike’s reputation with American parents for standing by this scumbag.
December 22nd, 2009 at 9:47 pm
The IRS also has restrictions on the gifting of money to others. I believe the limit is $ 12,000 per year. If Tiger gifted cash to “the links” of women out there and it exceeded $12,000, income tax may be due on the excess. If he paid them through his business accounts and did not issue a 1099 Form at year end or as a matter of employement, withhold payroll taxes, another issue is created.