Kay Bell of the tax and finance blog, Don’t Mess with Taxes, reports today in her blog post $320,000 tax bill based on MySpace boast by college kids that,
Five current and former University of Central Oklahoma students bragged on MySpace that their party business had served thousands. Actually, a lot more than thousands. And that boast was enough for the Oklahoma Tax Commission to issue the erstwhile businessmen a six-figure state tax bill.
Apparently, one of the co-owners of Kegheadz posted a claim on MySpace that the business had “over a 1 billion served.” The statement is an obvious parody of MacDonalds famous claim.
Only a state employee could possibly think it was serious.
Ultimately, the kids will win. They are lucky, too. They have been given a valuable lesson early in life.
You just Don’t Mess with Taxes.
Word to the Wise: The IRS has been known to grab loan applications from credit institutions and banks and use the inflated income figures on them to assess a tax liablty against the taxpayer. In situations like these, the taxpayer is caught in a trap (a self-made one, but a trap nonetheless): He is forced to admit that he either lied to the lending institution in order to get the loan or that he lied to the IRS about how much money he makes.
By the way, instead of going after these kids, I think the IRS should have pursued the person who found them on MySpace. He or she is spending far too much time and far too much of the taxpayers’ money to be permitted to peruse the My Space pages of total strangers.
1 response so far ↓
1 Bruce // Sep 22, 2008 at 7:10 pm
You know I always wondered, what are we (our tax dollars) paying so people ( I know it isn’t just one person) can “surf the net” looking for Tax fraud.
Leave a Comment