A college group’s loosely-based party company has drawn national attention after they bragged about the success of their party business.
Unfortunately, they grabbed headlines because the Internal Revenue Service wants to hit them with a $320,000 tax bill.
The group of students from the University of Central Oklahoma called their business “Kegheadz.” They advertised keg and beer parties, but the way they advertised caught some unwanted attention.
The group had a MySpace page in which they boasted about the huge success of their business. Problem is, according to the young men, it was all pretty much a big story. They say they only made about $1,700 during 18 months of business.
The IRS doesn’t see it that way; however, they supposedly have lowered their bill to $42,000. A state representative is now looking into the situation to see if he can help.
We’re sure the young men didn’t do enough business to be charged the original amount the IRS wants to charge them. And, we’re not sure why the IRS is acting so heavy handed in this matter, and we expect the young men will basically end up paying taxes on roughly $2,000 worth of business they did.
Still, it’s a valuable lesson learned for other young people who put so much information on these social networks pages. You put your information out there on the Internet for everyone to see, and they will see it. Including the IRS.
