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Coming To A Bingo Hall Near You Soon: 'Nature Boy' Ric Flair
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jdw
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Joined: 01 Sep 2005
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PostPosted: Fri Aug 26, 2011 1:06 pm    Post subject: Reply with quote

I think the IRS would have a tough time documenting all the under-the-table money/assets that Ric gets from marks.

I suspect that a lot of it is due to (i) independant contractor status, and (ii) extra benefits / income directly from Crockett / WCW / WWE / TNA.

Being an indy contractor, Ric doesn't have the luck of with holding from his paychecks. He needs to set aside his own money. If you're at a certain level, the IRS wants you to send it in quarterly (if I recall correctly) rather than a big lump payment at the end of the year on taxes owed.

One suspects that Ric is pretty shitty about accounting for his income, and even cutting checks to the IRS. He might be doing something with his primary check from the promotions, but ignoring his checks for PPV bonuses, merch, etc... if they are cut on seperate checks.

In addition, there may be benefits like travel that he's not reporting correctly.

Also, Ric had a lot of gyms and other businesses. Some of the taxes issues could come out of thos where Ric wasn't properly reporting income from them.

I would guess that Ric had "accountants" that did his filings. But this is Ric... so it's not out of the question that he simply didn't give all his records to them to properly report his true income (in the sense of what the IRS can easily find), and also that Ric might have blown off sending in some returns.

Given his past issues with the IRS, he's probably a permanent red flag for them to re-review.

John
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Tomer



Joined: 01 Aug 2006
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Location: New York, NY

PostPosted: Fri Aug 26, 2011 1:45 pm    Post subject: Reply with quote

jdw wrote:
If you're at a certain level, the IRS wants you to send it in quarterly (if I recall correctly) rather than a big lump payment at the end of the year on taxes owed.


It's $1,000/year in expected taxes not including withholdings from W-2s, since the IRS wants an easier time collecting on what you owe (hence the withholdings from employee withholdings to begin with).

Quote:
I would guess that Ric had "accountants" that did his filings. But this is Ric... so it's not out of the question that he simply didn't give all his records to them to properly report his true income (in the sense of what the IRS can easily find), and also that Ric might have blown off sending in some returns.


It's too bad that there's no statute of limitations on fraudulent or non-filed returns or else Ric would likely be clear on most of it by now. It's also pretty shocking that the IRS hasn't pushed for criminal evasion charges to make an example of him, particularly if there's enough damning evidence of his historical evasion.
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JAG



Joined: 27 Jul 2006
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PostPosted: Fri Aug 26, 2011 2:15 pm    Post subject: Reply with quote

From Dave on his boards:

Quote:
You'd be surprised at how many wrestlers don't pay taxes and get away with it.

As a high profile guy you're looking for trouble.

Some guys went 8-10 years and never got caught, and only when they became stars, then all of a sudden they owed the IRS hundreds of thousands.


Jagdip
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jdw
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PostPosted: Fri Aug 26, 2011 4:54 pm    Post subject: Reply with quote

Lifted from PWO...

Quote:
Wrestling icon Ric Flair is FURIOUS over an article which claims the Nature Boy is suffering from a serious medical condition caused by years of hardcore boozing ... because Ric claims it's NOT TRUE and now he's threatening to sue.

The unflattering article -- which paints Flair as a troubled, irresponsible mess of a person -- ran on an ESPN affiliated website called Grantland.com ... and the report is mostly based on court documents.

But Flair is particularly pissed about the reporter's claim that he suffers from Alcoholic Cardiomyopathy -- a disease caused by years of alcohol abuse which often leads to heart failure.

A rep for Flair -- -- whose real name is Richard Fliehr -- tells TMZ, "While the information gleaned from courthouse records may be credible, Mr. Fliehr is currently evaluating his legal options with respect to falsehoods in the story, specifically the untrue statement that he suffers from alcoholic cardiomyopathy."

The rep adds, "Our client understands that these allegations are part of the territory when you are not only famous, but a living legend."



http://www.tmz.com/2011/08/26/ric-flair-wr...nd-bill-simmons

Looking at the book Bix cited:

Ric Flair: To be the Man, by Ric Flair, Keith Elliot Greenberg, Mark Madden (page 427)

"Through my many years of partying, I also developed something called "alcoholic cardiomyopathy", a weakening of the heart muscles. [...] Initially, I thought that steroids might be responsible, but the doctor dismissed this theory. My heart was fluttering from thirty-five years of hitting it hard."
-Ric Flair

Ric may want to tell his reps about this.

John
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jdw
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PostPosted: Fri Aug 26, 2011 5:22 pm    Post subject: Reply with quote

Keith wrote it up better than I could:

Ric Flair threatens lawsuit over a claim he made in his own autobiography

John
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Midline Shift



Joined: 22 Apr 2010
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PostPosted: Fri Aug 26, 2011 5:45 pm    Post subject: Reply with quote

I used to love Bruce Mitchell when I read the Torch way back when, but he sounds like a total mark. If some fanboy got similarly defensive about a crooked promoter or shitty wrestler, he'd correctly point out how moronic it was.


Simon
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Rian



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PostPosted: Fri Aug 26, 2011 8:05 pm    Post subject: Reply with quote

I bet Ric forgot he had that condition!
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Tomer



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PostPosted: Fri Aug 26, 2011 10:48 pm    Post subject: Reply with quote

Rian wrote:
I bet Ric forgot he had that condition!


Perhaps his alcoholism caused him to suffer brain damage as well?
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jdw
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PostPosted: Sat Aug 27, 2011 9:39 am    Post subject: Reply with quote

Midline Shift wrote:
I used to love Bruce Mitchell when I read the Torch way back when, but he sounds like a total mark. If some fanboy got similarly defensive about a crooked promoter or shitty wrestler, he'd correctly point out how moronic it was.


Bruce isn't really a mark. He's pretty cynical and jaded about most everything in the business.

Ric is and always has been his soft spot. Being as critical of Ric as he has been of others in the business appears to be difficult for him.

John
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JAG



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PostPosted: Sat Aug 27, 2011 10:04 am    Post subject: Reply with quote

Heard a Dave soliloquy on the subject that sounded very much like what Bruce wrote.

The only thing he wouldn't say (but was implied) is that it's a con-man business and as an all-time great, Ric is one helluva a con man. He said Crockett had been bailing him out tax-wise since the 1970s.

Mark Madden wrote something, too, and it's as dumb as you'd think. Most grafs end with, but he's RIC FLAIR.

I could see why Ric still thinks it was all worth it, but why do the fanboys? What do they get out of him fucking third-rate road hoes while being drunk off his ass 25 years ago? His only valid point is that Ric's not The Wrestler, because he's not making $50 road shots, but rather milking WWE or TNA six-figures every year along with a handful of endorsement deals.

Jagdip
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Midline Shift



Joined: 22 Apr 2010
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PostPosted: Sat Aug 27, 2011 11:44 am    Post subject: Reply with quote

Quote:
Bruce isn't really a mark. He's pretty cynical and jaded about most everything in the business.

Ric is and always has been his soft spot. Being as critical of Ric as he has been of others in the business appears to be difficult for him.


Right, that's what I was getting at. He's quick to call bullshit on everyone else so it makes this harder to take.


Simon
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eron



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PostPosted: Sat Aug 27, 2011 11:53 am    Post subject: Reply with quote

What the fake journalists in pro wrestling need to understand is that, "But he's Ric Flair!" holds up in a podcast debate but it doesn't in a court of law.

Fuck, it doesn't even hold up in a podcast debate.

When the journalists can't stop being marks, you're in trouble.
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kjh



Joined: 01 Aug 2006
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PostPosted: Mon Sep 12, 2011 8:38 am    Post subject: Reply with quote

Ric Flair insists his alcoholic cardiomyopathy was a misdiagnosis

Um...
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jdw
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PostPosted: Mon Sep 12, 2011 9:50 am    Post subject: Reply with quote

What Dave wrote:

Quote:
For what itís worth, Ric Flair said that he was diagnosed by a doctor friend in 2002 with alcoholic Cardiomyopathy, and in his book that he wrote in 2003 (which came out in 2004), he talked about it. But after the book was published, Flair went to a cardiologist who said he had been misdiagnosed and never actually had that condition in the first place. Either way, heís not going to sue successfully over a reporter writing something that was in his own autobiography, even if the time frame should have been mentioned in the story. Flair, who was cleared by his first doctor to go back and wrestle in early 2003, noted that WWE had tested his heart and given him a clean bill of health ever since they started doing the extensive heart testing in 2006 after the death of Eddie Guerrero.


Publication dates:

07/06/04 - Hardback
04/26/05 - Mass Market Paperback

Of course books have long lead times. But if the incorrect diagnosis was learned after the hardback was put to bed, you'd think that would be something Ric would make sure to get cleared up in the paperback.

I also like how Dave calls it a "doctor friend". Would that be like the "doctor friend" who was giving Benoit all those perscriptions for juice and dope?

John
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jdw
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PostPosted: Mon Sep 12, 2011 9:50 am    Post subject: Reply with quote

I'd add this is more Ric Flair being Ric Flair. To try to explain that the item in the book was wrong, Ric throws a "friend" under the bus.

John
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