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View Full Version : Bill Belichick in trouble again?


Bill Parcells
02-09-2007, 02:49 PM
It seems the hobo/head coach has some explaining to do to the IRS.





Thursday, February 8, 2007

Bill Belichick’s generosity to his married galpal could cost him a personal foul from the IRS.

As we told you yesterday, the New England Patriots head coach reportedly sent cash and other goodies to Sharon Shenocca totaling more than $80,000. The bequests include cash payments of $3,000 a month for more than two years and paying the $25,000 tab to rent her a house on the Jersey Shore for the summer. Additionally, Belichick purchased a $2.2 million house in Brooklyn, N.Y., which attorneys for Shenocca’s estranged hubby believe he bought for Sharon.

All of which is great for Sharon but not so great for Bill - if he failed to report the gifts to Uncle Sam.

“It’s an issue,” said Art Ford, a CPA with Sullivan Bille P.C. “There are potential gift tax ramifications.”

According to the tax laws, Belichick is allowed to make a gift of up to $12,000 to any individual in any tax year. He is also allowed to gift up to $1 million total over his lifetime. Anything over that is taxable.

IRS rules would require Belichick to file a Form 709 Gift Tax Return reporting how much he gave and to whom he gave it so that the government can be sure he doesn’t exceed his lifetime exemption.

“The devil is in the details,” said Ford.

Sharon, as the recipient of the gifts, would owe no tax. But if Belichick did, in fact, make her a co-owner of the house in Brooklyn, that could wipe out his $1 million lifetime exemption and he’d need to pay the tax man.

Belichick, as you know, has been named The Other Man in the Shenocca divorce. New Jersey construction worker Vincent Shenocca claims that his bride of 10 years has “committed adultery” with Belichick, who is footing the bills for the blond, 41-year-old mother of two’s “extravagant lifestyle.”

http://thetrack.bostonherald.com/moreTrack/view.bg?articleid=181790

KCFalcon59
02-09-2007, 04:01 PM
Goddamn thieving IRS c***suckers keep your hands off peoples money. Damn greedy mother****ers.

NaptownChief
02-09-2007, 04:13 PM
The estate exemption is now $2.5 million per person, not $1million like it was a couple years ago. Everything else in the article is correct.

Coach
02-09-2007, 04:16 PM
Wouldn't matter anyways. He'll pay it off as if it was small change anyways. The Patriots will reward him with a new and bigger contract, I'd reckon.

BucEyedPea
02-09-2007, 04:24 PM
The IRS being better than BB?
Now that's funny. I think the greenies just want to pick-over the Pat's roster some more. So they demonize BB first to feel better. ROFL :p

NaptownChief
02-09-2007, 04:29 PM
The IRS being better than BB?
Now that's funny. I think the greenies just want to pick-over the Pat's roster some more. So they demonize BB first to feel better. ROFL :p


He will just have his DB's grab and hold the IRS agents at the door.

Bill Parcells
02-09-2007, 04:29 PM
The IRS being better than BB?
Now that's funny. I think the greenies just want to pick-over the Pat's roster some more. So they demonize BB first to feel better. ROFL :p
Mumbles will continue to get abused as long as I have fresh material. :p

BucEyedPea
02-09-2007, 04:41 PM
Fresh as in new? Oh no you don't...that's not fresh material.
You're milkin' the same 'ole affair. It's as fresh as one year old fish in the fridge.
:cuss: :p

blueballs
06-11-2008, 09:35 PM
Associated Press

ATTLEBORO, Mass. -- Thieves broke into a jewelry company over the weekend and stole up to $2 million in gold, gems and other valuables, including Super Bowl rings made for New York Giants staff members, authorities said.

The thieves disabled the alarm system at E.A. Dion Inc., cut a hole in the roof and made off with a safe that weighed at least 1,000 pounds.

The loss was discovered Sunday by a Dion employee, who went to the business when she was unable to access her work e-mail from home, apparently because phone lines had been cut. The heist could have taken place at any time over the weekend, Sgt. Jim Keane said Wednesday.

The Super Bowl rings made by the company were to be given to the Giants staff members to commemorate the team's win over the New England Patriots, team spokesman Pat Hanlon said.

The players and coaches had already received their rings last month. The staffers were to receive identical ones -- white gold rings with the "NY" logo is set in diamonds and "World Champions" emblazoned in raised letters. They were designed by Tiffany and Co. and have a retail value at $25,000 each, the team said.

The company does not discuss specific customer's orders, President Edward Dion Jr. said.

"We've talked to our major customers and let them know what happened, and I am confident we'll be able to fulfill our orders," he said.

The family-owned company, which has been in business for 40 years, was back up running at full speed and re-evaluating security, Dion said.

The case remains under investigation by Attleboro police with assistance from the FBI.

http://www.nfl.com/news/story?id=090...o&confirm=true

SBK
06-11-2008, 10:01 PM
If the IRS got it's shot as this money when it was earned they should have no right to it a 2nd time as a gift.

F the IRS, give us the fair tax.