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Paying taxes is one of the few activities everyone must participate in, celebrities included. And U.S. Olympic skier Lindsey Vonn's taxes are overdue to the tune of $1,705,437.
Vonn owes the amount from her 2010 tax year earnings, USA Today reports. Via Facebook, the two-time Olympic medal winner claimed she only "recently became aware of the outstanding balance."
So what kind of punishments could Vonn face if she doesn't pay up?
The IRS generally charges a late payment fee of a half percent based on the total taxes owed. This penalty will accrue monthly until the taxes are paid or until the 25 percent maximum penalty has been reached. If the taxes are still not paid after 10 days, the penalty is increased to one percent each day.
The IRS can also place a tax lien against the debtor's record, which was what they did in Vonn's case.
Vonn filed her taxes on time, according to her Facebook statement. If she didn't, she could've faced a late filing penalty of up to five percent of the balance owed for each month she was late.
Vonn earned $608,000 last month after winning the Alpine World Cup, The Detroit News reports. The champion skier also has endorsement deals with numerous corporations, including Rolex, Red Bull, and Under Armour.
Vonn faced a number of personal problems last year.
Last April, she divorced her ex-husband and former coach, Thomas Vonn, in Nevada. Since then, Vonn has been romantically linked to New York Jets quarterback Timothy Tebow. However, she claims they are just friends.
For now, Lindsey Vonn's tax problems don't seem to be an issue. The champion skier has settled with the IRS and paid in full, Vonn said on her Facebook page.
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.