Wednesday, July 07, 2010

New Orleans Saints Dispute IRS Claims

As a result of a report from Forbes magazine accusing the New Orleans Saints of avoiding income taxes on an $8.5 million payment from the state of Louisiana, the team has asserted in tax court that they are not guilty of tax avoidance. According to USA Today, the team’s lawyers claimed the payment was nontaxable "working capital" and was part of 10 years of "inducement payments" given to the team.

Forbes reported that the lawsuit claimed the money was intended to help the team "acquire additional and higher-priced player contacts" to make the team "more competitive in the NFL."

The Saints reached a long-term deal to remain in the Superdome in 2009.

Continue reading at USA…

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