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Author Topic: Princess Sparkles & the IRS  (Read 745 times)
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HRHOlya
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« on: November 18, 2018, 12:11:36 pm »

Royals face 'tax nightmare' as US officials use Meghan's American citizenship to line up a raid on Harry's multi-million pound fortune

    The Duchess of Sussex is still an American citizen so has to pay tax in the US
    Could extend to anyone else she draws money from, including her husband
    Royals are said to be employing US financial consultants to deal with the issue

https://www.dailymail.co.uk/news/article-6402761/Meghan-Harry-face-tax-nightmare-hands-officials.html
« Last Edit: November 19, 2018, 08:59:59 am by Alexandrine » Logged
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« Reply #1 on: November 18, 2018, 05:12:10 pm »

Harry’s money should be tied up in a trust. Maybe another reason to bring the Meghan fiasco is to have the young royals get increased funding.
https://66.media.tumblr.com/245e8ce349c919d0a980a3f3dae2ec7c/tumblr_pie2n1LrpL1uh38om_540.jpg
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windsor2
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« Reply #2 on: November 18, 2018, 05:24:18 pm »

Interesting bits from the tax article:
The US Internal Revenue Service is known for being extremely strict in tracking down people they believe owe them money.
Meghan is reportedly living in the UK on a family visa, but she will have a complicated tax status as long as she remains a US citizen.  eating cookies
Tax laws mean that even if Los Angeles-born Meghan lives full-time in the UK, she will still have to file a US return every year.
Perks she receives by joining the Royal Family such as the use of Nottingham Cottage, the grace and favour property in the grounds of Kensington Palace where she will live with Harry, need to be valued and declared, unless she is paying rent herself.
And future TV income, such as repeat fees, will all be taxed by the US as long as she is a citizen.
'Clearly Meghan’s case is a unique one, as she may be taxed according to the rental value of a home she lives in for free - Kensington Palace.
Kensington Palace declined MailOnline’s request for comment. The IRS has been contacted.

Phil Dampier on the tax issue:
https://66.media.tumblr.com/245e8ce349c919d0a980a3f3dae2ec7c/tumblr_pie2n1LrpL1uh38om_540.jpg

It would make sense if the royal family sorted out how they’ll protect their assets from the IRS prior to Harry marrying her. The logical sense would be for the marriage not to be legal, therefore, the royal family’s not legally tied to her and their finances aren’t subjected to examination. Meghan’s going to have to face the tabac man alone.
« Last Edit: November 18, 2018, 05:31:51 pm by windsor2 » Logged

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« Reply #3 on: November 18, 2018, 05:42:19 pm »

^Ah, first-world American gold-digger problems. Makes one just cry, doesn't it?  bored3

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Kuei Fei
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« Reply #4 on: November 18, 2018, 07:07:33 pm »

She doesn't own BP and so the people who do own it have to pay for the refurbishment. She never wanted to even move into the place. She has to live there - no choice as the government has made her do so.

Had Tony Blair not been so short-sighted in 1997 the cost would be a lot lower as a lot of maintenance would have been done that wasn't able to be done as the money wasn't there for it. What he did do was see a 'contingency fund' being built up to use for the major refurbishment (of Windsor, BP and the Houses of Parliament) and decided that instead of continuing to build that fund that he would freeze funding for the maintenance of these palaces and force the contingency fund moneys to be used up - was all gone within a decade and no increase in funding until 2012 so of course there was no money available, a lot of maintenance had to be prioritised and some things were not able to be done.

Charles is on record as saying he doesn't want to move in there at all and wants it handed over to the public more often. I suspect that when the time comes the government will again say 'no - the home of the monarch is BP - no ifs or buts'. Unlike you and me the monarch can't choose where to live - they are told.

The money she has coming in also has to pay for a lot of staff, the working expenses of the BRF (other than the Wales' branch of the family), maintenance of her private properties - Sandringham and Balmoral - and the expenses of her younger children and their families as needed - that is after she has paid tax on it as well.

You know, her staff is grossly underpaid, her family lives way too grandly (the minor royals that is) and there is no excuse for the palace to be falling apart.

Royals face 'tax nightmare' as US officials use Meghan's American citizenship to line up a raid on Harry's multi-million pound fortune

    The Duchess of Sussex is still an American citizen so has to pay tax in the US
    Could extend to anyone else she draws money from, including her husband
    Royals are said to be employing US financial consultants to deal with the issue
https://www.dailymail.co.uk/news/article-6402761/Meghan-Harry-face-tax-nightmare-hands-officials.html

You know, Harry might be blowing a gasket; that *fool* didn't realize that his own funds form his inheritance would be vulnerable to the IRS and I am certain that he and the courtiers are having fits over this. WHY Meg didn't just renounce her citizenship before she married is well beyond me, of that I am certain.
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« Reply #5 on: November 18, 2018, 09:29:45 pm »

^She can’t be “stateless”, tho, can she?  She has to wait to get her status ok’d in the UK.  HM promised that one!

But, even if she’d renounced her US citizenship upon marriage, it’s still open season for the IRS to dig in for any gains fy 2017 and for as long as she makes one thin dime in residuals on any earnings from Suits, her fashion junk, ads, etc.  It’s endless.  She, and Harry/BRF, will not be out of the IRS’ grasp for a very long time.

And don’t forget the State of California’s interest in her income and taxes.  They are very heavy.

This was never thought through slowly and carefully by Harry.  He may have been advised of concerns but that boy doesn’t listen, it seems.
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« Reply #6 on: November 18, 2018, 09:43:39 pm »

Her tax and visa issues

Buckingham Palace will reportedly recruit a team of US financial experts to assist with Meghan's tax returns.  bored3

The Duchess of Sussex is currently on a Leave to Remain visa, an immigration status granted to a person who does not hold the right of abode in the UK, but who has been admitted to the UK without any time limit on his or her stay and who is free to take up employment or study.

Kensington Palace said of Meghan’s visa: "Ms. Markle has taken full legal advice on her right to remain in the UK and will be fully compliant with all requirements at all times.

“She will go through the normal visa process.

"Ms. Markle intends to become a British citizen going through the normal process, which will take a number of years."

https://www.express.co.uk/news/royal/1047070/Meghan-Markle-tax-US-government-Meghan-Markle-citizenship-Meghan-royal-income

BP has nothing to do with Meghan since she’s under KP.  She’s on her own to deal with the tax authorities.
I’m very glad to see these issues brought up, especially the IRS because she can’t lie to them.  eating cookies  She should finally be exposed as a liar.
« Last Edit: November 18, 2018, 09:45:41 pm by windsor2 » Logged

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« Reply #7 on: November 18, 2018, 10:07:32 pm »

Her CPA will work with her on this. They always do.
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« Reply #8 on: November 18, 2018, 10:09:39 pm »

A top flight CPA will guide her through this. They always do.
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Cali San D
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« Reply #9 on: November 18, 2018, 10:30:23 pm »

Will she have to show her tax returns like U.S. Presidents?  easter-wink All have except Trump of course.  tehe

Do people with dual citizenship (U.S. and British) have to file U.S. taxes as well?  easter-think
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« Reply #10 on: November 18, 2018, 10:31:56 pm »

Or TurboTax  Cool
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« Reply #11 on: November 18, 2018, 10:37:28 pm »

Just because she resides at KP doesn't mean that BP isn't involved.

Buckingham Palace is a euphamism for Her Majesty and HM will have the best legal advisors etc ensuring the protection of the income and expenditure of the BRF is protected. It is a major part of her responsibility. CH will also be involved as Charles funds Harry's office ... unless, until she becomes a British citizen they are having Harry use his inheritance from Diana, which they will then replace when she becomes a British citizen, in which case only Harry's personal fortune will be able to be investigated, along with any money Meghan still has.

The BRF have always known the rules around Meghan and the tax laws of the US and so will have done all they can to protect themselves in general and Harry in particular.
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« Reply #12 on: November 18, 2018, 11:29:02 pm »

^Really?  When has this situation ever happened before in modern times with the BRF?  Or any time for that matter?  Seems as though there’s some learning curve.
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sandy
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« Reply #13 on: November 18, 2018, 11:41:28 pm »

Some lucky CPA could make a mint of money here.
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« Reply #14 on: November 18, 2018, 11:44:24 pm »

^Boy, I’ll say.  This requires tax attorneys, not CPAs, so..$500/hr easy.  Hope Sparkles is paying for it.
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\\\"I have sworn upon the altar of God, eternal hostility against every form of tyranny over the mind of man.\\\"  Thomas Jefferson
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« Reply #15 on: November 18, 2018, 11:48:49 pm »

There should be a CPA and a tax attorney. They both can make a mint of money
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« Reply #16 on: November 18, 2018, 11:54:29 pm »

 tehe^^ You know sparkles not paying dig deep harry dig deep
« Last Edit: November 18, 2018, 11:56:15 pm by Fly on the wall » Logged
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« Reply #17 on: November 19, 2018, 12:14:36 am »

^^All a cpa is required to do is sign the appropriate forms and claim responsibility of the contents. The tax attorneys will be focused on all US and UK tax laws and advise.  Huge job.  But, needed, that’s true.  Not for the bulk of it though.

^Yeah.  Pony up, Harry.  This bill will be ginormous.  It’s no H&R Block setup.  What a nightmare. 

She’s such a headache everywhere.
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\\\"I have sworn upon the altar of God, eternal hostility against every form of tyranny over the mind of man.\\\"  Thomas Jefferson
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« Reply #18 on: November 19, 2018, 12:23:17 am »

I have a great CPA and he does more than sign forms and claim responsibility--he's well versed in tax law and regulations. I don't go to H and R Block. I applaud CPAs. Tax Attorneys are great too.
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« Reply #19 on: November 19, 2018, 12:46:39 am »

^^All a cpa is required to do is sign the appropriate forms and claim responsibility of the contents. The tax attorneys will be focused on all US and UK tax laws and advise.  Huge job.  But, needed, that’s true.  Not for the bulk of it though.

^Yeah.  Pony up, Harry.  This bill will be ginormous.  It’s no H&R Block setup.  What a nightmare. 

She’s such a headache everywhere.

Just call him IR'Arry  flirt
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