Toph Sheldon CPA for the Self-Employed - October 2019

TOPH SHELDON CPA FOR THE SELF-EMPLOYED ® 9200 MONTGOMERY RD., STE. 7B CINCINNATI, OH 45242 513-342-4000 WWW.TOPHCPA.COM

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

INSIDE 1 It’s Time to Get Off the ‘Hamster Wheel of Taxes’

2

The Secret to a Perfect Jack-O’- Lantern

2 Clients Win Battles With the IRS

3

A New Addition to the Sheldon Family

Miso Caramel Apples

4

Photographer Annie Leibovitz’s Major Money Problems

Toph’s Tax Nightmares

From Picture Perfect to Dollar Disaster In the world of photography, Annie Leibovitz is one of the most well-known names, recognized for her striking photos of celebrities and newsmakers. Leibovitz’s camera work has made her one of the most successful photographers ever — and certainly one of the richest. At one time, she was making $3 million a year working with Vanity Fair. But despite often making tens of thousands of dollars per session, Leibovitz found herself face to face with the IRS. In 2009, her money troubles peaked. She was on the verge of losing multiple homes and the rights to her own work. At the time, tax liens totaling $1.4 million had been placed on Leibovitz. She was also being sued for $700,000 for photography supplies and services she had neglected to pay. Sources said that despite her success in the photography world, Leibovitz was not good with money. But that may be an understatement. On top of the tax liens and lawsuits, Leibovitz was then sued again for “nonpayment” to a company that lent her $24 million. In order to repay the loan, the company wanted access to Leibovitz’s New York homes in order to sell the houses and recoup the losses.

previous financial success. Leibovitz refused to comment on that, but signs point to extravagant spending that had gotten out of control.

However, later in 2009, the lawsuit was dropped and the company behind the $24 million loan extended her loan repayment date. Terms included Leibovitz selling her New York City residences, which she did in 2012 —making a combined $28.5 million for her three townhomes. Leibovitz has also since resolved other debts and tax issues, but her current financial situation is unknown.

Leibovitz reportedly refused to cooperate. But there was also the lingering question of why she needed a loan of $24 million in the first place, considering her

4 • 513-342-4000

DON’T LIVE IN FEAR, TOPH IS HERE!

Made with FlippingBook - Online Brochure Maker