IRS tax lawyers following the Agency’s collection matters note that actor, Nicolas Cage, recently paid $6.25 million in back taxes and may still owe the IRS more. Evidently, the 47-year-old star made the hefty payment last February, which covered his 2007 back taxes. In 2010, Cage supposedly told People magazine that he owed $14 million in back taxes. Though IRS lawyers say that it is unclear whether the actor has made additional payments, they estimate he may still owe around $7 million.
“Over the course of my career I have paid at least $70 million in taxes,” Cage told People magazine. “However, I am under new business management and am happy to say that I am current for 2009. All taxes will be paid including any to-be-determined.”
IRS attorneys note that Nicolas Cage has been slapped with an IRS lien and other debts throughout the past few years. He has owned several homes and even an island in the Bahamas and has lost at least three houses through foreclosure auctions. IRS lawyers acknowledge that Cage is just one of several celebrities who owe back taxes to the government.
But Cage’s financial problems have not been limited to owing the IRS back taxes and a few residential foreclosures. Recently, he settled a $13 million dollar lawsuit with ex-girlfriend Christina Fulton, the mother of their 20-year-old son. Fulton, who dated Cage for several years in the 1980s, claimed that Cage failed to transfer ownership of a house to her after promising to do so and told her he would support her and Weston Coppola Cage financially. IRS lawyers say how the settlement may affect Cage’s tax liabilities is presently unclear.Segal, Cohen & Landis 9100 Wilshire Blvd. Ste. 601E Beverly Hills, CA 90212 (310) 285-3999