Actor Nicolas Cage is suing his ex-manager for failing to pay Cage's taxes. According to the lawsuit, Cage is selling assets to pay back taxes, penalties, and interest. In July, the IRS filed a $6.2 million tax lien against Cage. Good thing he has three European castles, a Bel Air estate, and a 132-foot yacht to sell (among other things).

The moral of the story: don't assume someone else is paying your taxes. If they screw up, you're still liable. (Especially if you don't have a few castles to sell.)

[On Fridays we explore the lighter side of tax news.]

Tax Provision Passes House

More seriously, the tax provision we discussed on Monday has now passed both the Senate and the House. Once President Obama signs the bill, unemployment benefits, the homeowners tax credit, and NOLs will be extended.