IRS still not done with Girls Gone Wild founder Joe Francis

Joe FrancisEarlier this month, Girls Gone Wild promoter Joe Francis plea-bargained his way out of a possible prison sentence for charges related to filing false tax returns. By pleading guilty to filing false tax returns and bribing Nevada jail workers, Mr. Francis was sentenced to time served and one year of probation, according to the Los Angeles Times.

Initially accused of taking $20 million in fraudulent tax deductions, Francis ended up pleading guilty to a misdemeanor, the newspaper reported.

"It took us seven months, but in the end we demonstrated that the felony tax charges never should have been brought in the first place," Brad Brian, Francis' lead trial attorney, said in a statement.

But now the IRS is back for more.

According to TMZ, "TheIRS wants some serious "Girls Gone Wild" money, because they've filed a lien against Joe Francisfor a whopping $33,819,087.14 ... this according to documents obtained by TMZ." The IRS says he failed to pay $17,658,358 in 2001, $11,238,582.14 in 2002, and $4,922,147 in 2003.

Just how lucrative is the market for raunchy videos of college girls? You have to make a lot of money to owe $33.8 million in back taxes -- although Mr. Francis apparently told TMZ that he will now have to file for bankruptcy protection. President Obama should step in to make sure that Mr. Francis stays in business -- the Treasury Department rejected Francis' request for bailout money earlier this year, but it may be time to reconsider. Just think about how many jobs he's creating for unemployed recent college graduates!

Fortunately, Mr. Francis has also had some good news this week: according to news reports, he won a preliminary legal battle in Panama City, in a case related to allegations that he taped underage women nude.

Are Contributions to School District Programs Tax Deductible?

The IRS allows you to claim a deduction for the donations you make to qualified organizations. These organizations include more than just charities and will include any school district program that does not operate for profit and is solely supported by state and local governments.

Read More

Brought to you by TurboTax.com

What is Form 1099-NEC?

The IRS has reintroduced Form 1099-NEC as the new way to report self-employment income instead of Form 1099-MISC as traditionally had been used. This was done to help clarify the separate filing deadlines on Form 1099-MISC and the new 1099-NEC form will be used starting with the 2020 tax year.

Read More

Brought to you by TurboTax.com

Do I Qualify for Earned Income Credit While on Unemployment?

Receiving unemployment benefits doesn't mean you're automatically ineligible for the Earned Income Credit, but there are other requirements you'll also need to satisfy to claim the EIC.

Read More

Brought to you by TurboTax.com

Guide to Short-term vs Long-term Capital Gains Taxes (Brokerage Accounts, etc.)

Not all capital gains are treated equally. The tax rate can vary dramatically between short-term and long-term gains. Generating gains in a retirement account, such as a 401(k) plan or an IRA, can also affect your tax rate.

Read More

Brought to you by TurboTax.com
Read Full Story
Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.