TaxCorporate TaxCher sues Universal Music over ‘creative accounting’

Cher sues Universal Music over 'creative accounting'

Cher claims UMG hid royalties owed to her and Sonny Bono by attributing income to international arm.

Cher has sued Universal Music group over $US 5 million in royalties she
believes the company hid through creative accounting that she and the heirs of
her late ex-husband, Sonny Bono, are owed.

Cher alleges that an audit of UMG’s financial reports between 2000 and 2003
show that UMG executives engaged in creative accounting to hide royalty revenue
from two Sonny & Cher compilation albums.

Reuters reperts that Sonny & Cher struck a deal in 1972 to receive up to
50 per cent of net royalties received by UMG.

Cher alleges that UMG later distributed a 1999 compilation and then
attributed the income to UMG’s international arm to conceal the true amount of
royalties owed to Cher and Bono’s descendents.

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

1m Emma Rawson, ATT Technical Officer
How might Brexit affect UK tax policy?

Brexit & Economy How might Brexit affect UK tax policy?

1m Santhie Goundar
Corporation tax losses – your newly flexible friends

Corporate Tax Corporation tax losses – your newly flexible friends

3m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

4m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

4m Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

8m Alia Shoaib, Reporter