Kevin Durant Tax Troubles - Celebrity Tax Blog
The IRS loves to make examples of athletes and use them as an example as what not to do. This latest issue involving Kevin Durant is not one of those examples. Kevin Durant was presumably audited after filing his returns, which caused him to additional money. The NBA star alleges that the accountant made mistakes in his taxes that caused this problem.
Not seeing the lawsuit, I don't know the level of mistakes made, but for Kevin Durant to bring a suit their must have been substantial mistakes. The attorneys for Durant claim that accountant Joel Lynn Elliot deducted some personal expenses as business expenses on Durant's returns without proper documentation.
The amount Kevin Durant asks for in the lawsuit is a total of $600,000. It looks like the IRS is giving him a chance to amend the returns, but he will now have to pay back taxes, penalties and interests.
This case is just another example of celebrities not getting the correct tax representation and advice they should be seeking out. If you are a celebrity or not, it is imperative that you get the best representation possible when it comes to filing your returns or seeking tax advice.
You should hire a reputable CPA or Tax Attorney to help you with this. If you have any tax questions do not hesitate to contact us.