07 Aug How Gold Medal Skier Lindsey Vonn Ended Up With $1.7 Million in Taxes
For those of us who don’t know, Lindsey Caroline Vonn is a former American World Cup alpine ski racer on the US Ski Team. She won four World Cup championships, becoming one of only two female skiers to do so. Vonn is also the first American woman to ever win a gold medal in the downhill competition during the 2010 Winter Olympics.
All in all, Lindsey Vonn won a record of 8 World Cup season titles in downhill, five titles in super-G, and three consecutive titles in combined disciplines. She also won 20 World Cup crystal globes, holding the world record, making her the second-highest ranked skier, for both men and women in the world, ever. She is, by far, the best American ski racer of all time. She won the Laureus Sportswoman of the Year award and is the United States Olympic Committee’s sportswoman of the year in 2010.
But no matter how many titles and achievements a person can have, they still have to pay their taxes.
Lindsey Vonn and the IRS
Some estimates indicate that Vonn was pulling in roughly $3 million per year before winning the gold medal during the 2010 Winter Olympics. After that, she signed several multi-million dollar deals with Red Bull, Rolex, Vail Resorts, Under Armour, and Kohl’s department stores.
But in April 2012, the IRS filed a $1,705,437 delinquent federal tax lien against Vonn and her then estranged husband, coach, and manager, Thomas Vonn. As we said, no one is exempt from the reach of the IRS. If someone doesn’t pay their requisite tax amount on time, the IRS will be able to charge a 0.5 percent penalty of the total taxes, which can reach 25% per month.
The IRS will then issue an intent to levy if the taxpayer isn’t willing to cooperate. If the tax liability isn’t paid ten days after the IRS issued an intent to levy, the penalty will increase one percent per month on the total unpaid tax balance. This is precisely what happened in Vonn’s case, with the outstanding sum reaching over $1.7 million.
What Happened After?
In an email, Vonn stated that she intended to pay the bill right away, which she did. She also went on to say that “It is no secret that my last year off the mountain has been filled with many personal challenges. This matter was only recently brought to my attention, and I took immediate and deliberate steps to remedy the situation. I have made arrangements to pay in full the balance due.”
Several days later, Vonn also posted on her social media pages, saying that she was disappointed about the whole affair.
“I just recently became aware of the outstanding balance, and I have done everything in my power to settle it immediately,” she wrote. “Not being in control of my finances and relying on someone else who you believed had your best interest at heart was a mistake and one I will not make twice.”
Now, unlike Lindsey Vonn or other such celebrities, we usually are less noticeable to the IRS. That said, this doesn’t mean that they won’t take an interest in us if things aren’t as they should. Together with us, you can tackle whatever the IRS has to throw at you. Contact us today to find out more!