Actor Nicolas Cage settles tax dispute with former accountant
Reports say that actor Nicolas Cage settled a law suit against his former accountant, Sam Levin, originally filed in October 2009. Cage claimed that Levin had overcharged him for his services and misled him in regards to tax preparation.
Reports say that actor Nicolas Cage settled a law suit against his former accountant, Sam Levin, originally filed in October 2009. Cage claimed that Levin had overcharged him for his services and misled him in regards to tax preparation.
In 2007, the Internal Revenue Service filed a $6.26 million tax lien against the actor, the Seattle Post-Intelligencer reports. The IRS claimed that Cage had failed to file taxes for wages during that year, but this was not the first instance. The paper says that between 2002 and 2004, the actor also did not file reports on his earnings.
While Cage blames Levin for his debt, the accountant filed a countersuit, claiming the actor is at fault for lavishly spending his cash. Levin claimed that Cage bought nearly $33 million worth of homes and 22 cars, according to TMZ.
The IRS requires all U.S. residents to report assets and earnings annually, regardless of their income. The revenue is relied on by the government to fund public programs. The IRS has the right to issue a lien against individuals who owe back taxes. If it is not repaid in a timely manner, assets and property may be seized.
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