Report: Montoya Faces Scrutiny From IRS

Juan Pablo Montoya

The IRS states Juan Pablo Montoya owes for taxes and penalties from 2007-08, a claim Montoya is disputing in U.S. Tax Court. (Photo: Getty Images)

The Internal Revenue claims that Juan Pablo Montoya owes $2.7 million in extra taxes and penalties from 2007 and ’08, according to a report by Forbes.com.

The IRS claims that Montoya had $9.5 million in taxable income in those two years, while he and his wife reported $2.4 million in taxable income on their joint tax returns.

Forbes.com reported that in a previously unreported lawsuit filed in U.S. Tax Court, Montoya conceded that he had nearly $800,00 more in gross receipts in those two years than originally reported but challenges the IRS’ other, larger adjustments.

Forbes.com reported that Montoya’s tax dispute involves an offshore corporation and payment for use of his image. The report notes that these were elements that were at the center of previous challenges by the IRS of golfers Sergio Garcia and Retief Goosen and IndyCar driver Helio Castroneves, who was acquitted.

Montoya competed in Formula One from 2001-06 before coming to NASCAR. This will be his last season in the Sprint Cup Series. He’ll move to IndyCar next year and drive for Penske Racing.

     

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