William P. Barrett,

IRS disputes New Orleans team’s claim that $8.5 million annual payment from Louisiana wasn’t taxable as income.

Did the New Orleans Saints have some accounting help as they marched in to their Super Bowl win this year over the Indianapolis Colts?

In a just-filed U.S. Tax Court lawsuit, the partnership owning the Saints acknowledges that it didn’t treat an $8.5 million annual payment from the state of Louisiana as income and therefore didn’t pay taxes on the sum. Rather, the team said the money was an addition to “working capital” and a nontaxable transaction.

Read the rest of the story here.

This entry was posted on Tuesday, July 6th, 2010 at 7:13 pm and is filed under Saints News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.