Davine Opines About Tax Controversies Involving the Suddenly Rich and Famous in TaxAnalysts
MSK Tax Partner and former U.S. attorney for the IRS, Jeffrey Davine, spoke with TaxAnalysts reporter William Hoffman about the frequency of and reasoning behind the number of suddenly flush celebrities to run afoul of the IRS. Among his suggestions was to file tax returns even if you can't pay the taxes, since penalties for not filing are more severe than for not paying. Moreover, Davine warned, "You can't delegate away your obligation to file tax returns and pay taxes... to an advisor or to someone who is part of your entourage. That ultimately is your responsibility."