Politics & Finances

Gym, Tanning, Laundry and Tax Fraud?

by
Jason Feist
on
10/23/2014
Gym, Tanning, Laundry and Tax Fraud?

We all know the cast members of "Jersey Shore" are wild and crazy on television, but what if their crazy lifestyle followed along with them in real life? "Jersey Shore" front man Mike "The Situation" Sorrentino and his brother were charged in late December for faulty tax returns. Mike and his brother were set a trial date in the beginning of December for charges of one count of conspiracy to defraud US tax laws. Both Sorrentino and his brother filed faulty tax returns and inflated their business expenses to avoid paying taxes on approximately $9 million in income.

The Situation, as he likes to call himself, is in quite a situation, as he faces three counts of faulty tax return filing from 2010 through 2012. Mike is also being charged for one count of not filing taxes in 2011. According to the indictment, the feds allege that he used two different companies that he created to evade taxes. Both of his companies were S corporations. In this type of corporation, expenses and income are passed on to shareholders. The brothers were also reported to have incorrectly reported their income and claimed items of their fancy lifestyle as business expenses. If convicted, both could face up to five years in federal prison and a $250,000 fine. The case was scheduled for trial in late October, but it was postponed so the reality TV star could film another reality television series. There will be more news to come after the star's court date.

Mike Sorrentino is not the only celebrity star who has been convicted of tax evasion and fraud. Other notable figures include Al Capone, Lauryn Hill, Willie Nelson and, one of the most famous cases, Wesley Snipes.

Tax fraud or evasion is a very serious conviction. If you or your loved ones have questions about your own tax situation feel free to contact Jason Feist at (513) 206-9673. This discussion is not intended as legal advice, and cannot be relied upon for any purpose without the services of a qualified professional.

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Jason Feist

Jason Feist

Jason Feist hails from Ohio and graduated with honors from the University of Cincinnati where he holds a bachelor's degree in accounting. He has a combined 15 years of financial and accounting experience and for the last 7 years he has been the Managing Partner of Empowered Insights - a pioneer in the accounting industry. The mission of Empowered Insights is to be one of the leading firms enriching peoples lives and growing businesses. They specialize in tax preparation, business accounting and consulting.

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