Art Dealer Tries To Make An Art Of Tax Evasion
Sometimes it seems the more successful one is, the more they think they may be entitled to privileges the rest of us are not privy to.
For instance, one highfalutin’ New York City art gallery owner decided she was going to attempt to make an art out of cheating on her taxes and evade paying what she really owed.
She got caught.
According to accountingtoday.com, “Operating a Manhattan art gallery did not entitle Mary Boone to evade paying her taxes,” IRS-CI special agent-in-charge James D. Robnett said in a statement. I find that statement pretty funny. It implies that little miss Mary thought she was entitled to tax-free living. LOL!!
As the IRS special agent pointed out, “It is a felony offense that carries severe consequences. By falsely claiming millions of dollars of personal expenses as business expenses, Ms. Boone cheated all Americans, since law-abiding citizens are expected to pay their fair share.”
Her long time NYC gallery takes in over $3.7 million in profit, yet she claims a personal income of $50,000. Who lives in New York City on $50,000 a year? Not a long-time gallery owner! But Ms. Boone had some decorating needs to attend to.
Apparently, she spent $800,000 to remodel her Manhattan apartment and $120,000 to rent another Manhattan apartment during the renovation. Poor little Mary. She must be appalled that the IRS caught her. Well, she did get her apartment renovated and lived in style for the duration. I wonder how comfy she’ll feel if she gets to realize that orange is the new black? She could spend a maximum of three years in prison while her lovely new apartment sits empty.
A word of advice: no matter if your business is struggling or is a huge success, pay your taxes.
Get the appropriate deductions and try to maximize them legally. But don’t try to outsmart the IRS.