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Celebrity Tax Evasion > Vera Wang Tax Evasion

Born on June 27, 1949 in New York City, Vera Wang was initially a figure skater before she ventured into fashion. Her parents fled China to the United States during the Communist Revolution. She always dreamed of being an Olympic figure skater but she failed to make the national team in 1968.She turned her focus on studying and went to the Sorbonne in Paris, France and the Sarah Lawrence College in the United States. She graduated with a Liberal Arts degree.

She joined Vogue magazine in 1970 after graduating. She became the youngest editor to ever have worked at Vogue. Her role as Senior Fashion Editor led her to stay with the magazine for sixteen years before leaving to be a design director at Ralph Lauren for two years. She decided to venture out on her own in 1990 by opening her own house at Madison Avenue, New York. She started out by designing bridal dresses and evening gowns. Her own label was launched in 1994.

Bridal gowns are what made Vera Wang famous. The fashion elite praised her gowns as having luxurious fabric and meticulous detailing. The way in which she also interpreted classical lines into more modern times did not fail to capture their attention. From using her knowledge of sports, she was again able to capture the world’s attention in her design of Nancy Kerrigan outfit in the 1994 Winter Olympics. She has also been involved in designing for other figure skaters like Michelle Kwan, who was also in the Olympics.
Besides bridal gowns and sportswear, her designs can be seen on the red carpet during Oscar nights. Some of her celebrity clientele have included Cate Blanchett, who wore a black beaded dress from Vera Wang, while picking her Golden Globe for ‘Elizabeth’. Mariah Carey wore a Vera Wang gown during her wedding to Tommy Mottola in 1993.Her most loyal clients include Posh Spice, Sharon Stone, Alicia Silverstone and Uma Thurman.

In September 2010 the Internal Revenue Service declared that Vera Wang owed at least $350,000.This back taxes were in relation to her 2008 unpaid individual Income Tax. A tax lien of the same amount was issued against her $23million apartment on 740 Avenue Park in New York. A lien is attached against property so that should the tax defaulter fail to pay, the property will be sold to recover the back taxes.
Despite being married to a successful businessman and being wealthy herself, Vera Wang still failed to pay her 2008 taxes. The lien against her still stands and the issue is yet to be resolved. We all fail to understand how celebrities get cited for tax default, this is because we all know or assume they make millions. It is even embarrassing to find that celebrities get arrested for failing to pay their taxes, take Wesley Snipes for example.

If the IRS finds that you failed to pay your taxes you will serve a prison sentence and be penalized $10,000 for each year you failed to submit your taxes.

Celebrity Tax Evasion > Vera Wang Tax Evasion