Wednesday, February 29, 2012

CP: Irby Simpkins Ordered to Pay $5M in Back Taxes

Posted By on Wed, Feb 29, 2012 at 12:26 PM

Here's a tidbit for former staffers and readers still smarting over the loss of the Nashville Banner, courtesy of Steve Cavendish in The City Paper:

Former Nashville Banner publisher Irby Simpkins has admitted defeat in his running battle with the IRS and was ordered to pay more than $5 million in back taxes and $1.8 million in penalties by a U.S. Tax Court in November. He declined to say whether he has paid the sum.

Simpkins confirmed to The City Paper that he invested in a series of transactions on the advice of his accounting firm Price Waterhouse in the late 1990s. The IRS claimed that there were deficiencies in four different tax years, 1996-1999. In the largest of those years, 1998, Simpkins was found to have underpaid his taxes by nearly $4.7 million. ...


Read the whole story here.

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