Musicians and Tax Trouble
Tax liens are something to be avoided, if possible. Even when the IRS has already started collection proceedings, a tax lien may still be avoided, if you involve the right attorney, and early enough. Our firm is located in Austin, Texas – a very active center of arts and music. The economics of the music business, combined with the temperament of artists, can result in tax problems.
USA today recently reported on the tax troubles of Texas resident Rex “Rocker” Brown, bassist for the heavy metal band Pantera, and several other well-known music artists. It cites five tax liens files by the IRS against Brown, totaling almost half a million dollars. Glen Campbell is touring and raising money to pay overdue taxes.
Some people take glee in watching celebrities and their troubles. That’s not what this article is about. Musicians are self-employed, and they are entrepreneurs, creators and risk-takers in a very fickle business. They rely on management firms and accountants to handle the details.
If your property is already under a tax lien, or if you think you may be facing one, the time to contact an experienced attorney is now. Visit our page (linked above) for more details.