Bill Romanowski may have been a ferocious linebacker in the NFL, but now he is taking on an even bigger foe. Yes, Romanowski is in trouble with the IRS on millions of claimed losses.

Bill Romanowski was known as a hard playing, cheap shot artist of a sort during his NFL career. Playing for teams such as the San Francisco 49ers and Denver Broncos, he was known for going above and beyond the call of duty to try to separate a player from the ball or just lay him out for prosperity.

During his career, Romanowski brought in tens of millions in income through his playing contracts before even discussing any sponsorship deals. Allegedly, it wasn’t enough to keep him living at the level he wanted. No, the IRS is now claiming he owes a staggering five million dollars in back taxes as well as another million in interest and penalties. The reason? An alleged tax scheme that was more scam than anything. 

There is an old joke about a CPA telling his client he should invest in elephants to lower his taxes. The client says he has no idea how much it costs to feed an elephant. The CPA smiles and says, “neither does the IRS.” Well, Romanowski went in a similar directly, but with horses. The scheme involved the leasing of thoroughbred horses in such a way that large paper losses were created that could be used by investors to slash their tax bills. 

Sound fishy? Well, it is. The IRS declared that there was no substance to the deal and disallowed the losses claimed by Romanowski and a host of other investors. The people that put the scheme together have been indicted. Evan worse for Romanowski, they have now plead guilty and admitted the scheme was fraudulent. 

How will this turn out for Bill Romanowski? It doesn’t look good. Of course, he would have had to pay the taxes anyway in the past, but that extra million in penalties and interest is going to be tough to swallow!