Nicolas Cage forced to pay back-tax to the IRS

Chris Irvine
London Telegraph
Wednesday, Sept 10, 2008

Oscar-winning actor Nicolas Cage has been forced to pay more than half a million dollars in back taxes and penalties to the Internal Revenue Service, after it was revealed he had improperly deducted millions of dollars in personal expenses from his professional income.

He has been forced to pay £378,000 after he was accused of wrongly writing off close to £1.9 million that was actually used to maintain his lifestyle between 2002 and 2004.

Necessities claimed as business expenses included limousine rides, meals and the maintenance of a private jet.

"Household help" at Cage's homes around the world cost more than £100,000 - he keeps properties in Los Angeles, the Bahamas, Rhode Island and Midford Castle, near Bath.

His salary was also a source of dispute - in 2003, he reported £243,000 in taxable income, the IRS claiming it was more than £1 million, while in 2004, the year he starred in National Treasure, he admitted making close to £9.6 million, although the IRS thought the figure was closer to £10.5 million

In February, Cage's business manager, Samuel J Levin, said deducting the cost of food, domestic staff and travel from declared earnings was "customary in the entertainment industry" and necessary to finance Cage's "security needs."

The settlement emerged this week however, demanding he pay £378,000 in back taxes.

Full article here


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