While all of us would like to have more money, few of us like the idea of having to pay taxes and deal with the IRS in connection with that wealth. For better and for worse, those with significant wealth also end up owing significantly more taxes and having more potential to catch the attention of the IRS. A good example of this is actor Robert Redford, who is currently suing the state of New York in connection with a tax bill. The bill, which goes back to 2005, is for a total of $1,568,470, nearly half of which is for interest.
The bill is connected to the sale of Redford’s ownership stake in the Sundance Channel, which features independent films. Redford, who didn't even know about the bill until recently, argues in his suit that he is being subjected to double taxation and that he already paid taxes for the sale in Utah, since all operations are based in Utah.