*According to filings with the state of New York and the IRS, Al Sharpton’s nonprofit group currently owes $871,688 in unpaid payroll taxes including penalties and interest.
His foundation, the National Action Network, was founded in 1991 but has been dodging it’s financial problems for years. The organization has a deficit of more than $1 million, with Sharpton loaning money to the organization amounting to about $111,000.
“Since February 2010, the Organization has been in the process of negotiating an offer in compromise to settle all payroll taxes and related interest and penalties owed by the Organization to the Internal Revenue Service,” according to the New York filing, which is an audited financial statement dated November 13, 2012. “The Organization feels that the likelihood of a favorable outcome is highly likely.”
The spokesperson from the group has yet to comment. Back in 1993, Sharpton pleaded guilty to a misdemeanor tax offense to avoid felony charges, the Post said in a 2012 editorial.
The seriousness of NAN’s tax problem cannot be understated, according to an expert on nonprofits.
“He could really get into a lot of trouble,” says Daniel Borocoff, the head of CharityWatch, a watchdog group, in an interview with MSN moneyNOW. “It’s a red flag that the group may go under.”
Read more at MSN.com
- Black Women Fastest Growing Group of Entrepreneurs in U.S
- Once Homeless and Alone in NYC, Man Receives Yale Scholarship
- Rihanna’s BET Appearance Was Simply Marketing Trickery
- America: A Nation Under Sin or Love?
- Diddy's Fall, Racist Arsonists, Nene Leakes and More News! | BHL's This Week
- WATCH: Deleted Scene from 'Home' Starring Rihanna, Jim Parsons
- Motorist Sues Bobbi Kristina as Family Prepares for Her Funeral
- Goodbye Clippers, Hello Mavericks! DeAndre Bolts from LA to Dallas
- Oprah is Hiring - 2015 Jobs Available in L.A. and N.Y.
- Lee England, Jr: You've Never Heard Violin Like This! (Covers Bey, Adele and Yeah, Mozart Too!) Photos
- Discover More Stories on EURweb: Click Here