Forbes: Michael Jackson has earned over half a billion dollars since his death–and now Uncle Sam wants a piece of the action.
Reports surfaced saying that the IRS is hitting Jackson’s estate with a $702 million bill, including $505.1 million in taxes and $196.9 million in penalties.
The estate will not be forced to pay any penalties unless the court rules in favor of the IRS, but those in charge of Jackson’s empire were nonetheless displeased with the news.
“The executors are disappointed the IRS continues to overreach in this matter but firmly believes all issues will be resolved in favor of the estate and the beneficiaries,” said attorney Howard Weitzman in a statement, which also noted that the estate has paid over $100 million in taxes and is “in full compliance with the tax laws.”
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