The famous pair have been hit with the $1.7 million tax bill for failing to file the correct returns for the past two years.
Watch The Osbournes taxing troubles on The Daily Gossip Show
Documents lodged by the Internal Revenue Service (IRS) last week state that more than $1.7 million is owed to the U.S. government, despite Ozzy's long-standing music career and Sharon's book deals and TV show judging duties.
According to TMZ.com, "Papers filed at the Los Angeles County Recorder's Office allege the 62-year-old rocker and his wife, 58, failed to pay $718,948.25 for the 2008 tax year, and $1,024,175.03 for 2009."
American legal expert, Peter Haven, told the Sunday Mirrior that If the Osbournes can't sort out a way to pay their tax debt, the IRS is likely to foreclose on one of their US homes to pay the debt.
On Saturday, Sharon took to Twitter to accept responsibility for the pair's financial woes, tweeting: "You can't rely on anyone but yourself. You have to be on top of your own business affairs. My fault... lesson learned."
Sharon and Ozzy's taxation troubles aren't the first in the Osbourne family, with their daughter, Kelly, 26, owing over $30,000 in unpaid taxes from 2009.