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Lohan bank accounts seized by IRS for delinquent back taxes

Lindsey Lohan may be rich and famous, but celebrity has never been much a defense when it comes to back taxes and the Internal Revenue Service (IRS). The IRS seized all of her bank accounts as security for the delinquent taxes the actress owes on the millions she has earned over the years.

TMZ reports that her bill for back taxes was at $233,904. The IRS has filed tax liens against her for 2009 and 2010. Her father expressed concern over her financial problems, and he wondered where her money was going. He indicated she at earned over $100,000 to promote an energy drink

Tax problems can come in all shapes and sizes, but often when people have large incomes, especially from diverse sources, it can become easy to suddenly find yourself in a situation like that of Lohan. The tax laws are nothing if not complex, and the more complex and sophisticated your revenue becomes, the more complex your taxes will become.

Without competent tax counsel, if you have multiple businesses and complex sources of income, you could easily find yourself needing to file a delinquent tax return, pay back taxes, penalties and other fines.

The news report of Lohan notes that Charlie Sheen is reported to have given her $100,000, to help pay the tax delinquency. One of the ironies of this situation is that that $100,000 will generate a tax liability, as the IRS will deem it income.

Source: The Huffington Post, "Lindsay Lohan Accounts Seized By IRS For Owed Back Taxes; Charlie Sheen Pays Some Of Her Debt," Meredith Bennett-Smith, December 3, 2012

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