Weekly, if not daily, there is news of yet another celebrity encountering IRS tax issues. While I stop to mention these stories as a cautionary tale of prevention, I am continually struck by how vulnerable the famous and newly wealthy really are with their finances, especially when it comes to paying their income taxes! I am beginning to think there should be a special course for celebrities to get their finances or better yet, financial representation in order.
The most recent case involves rapper Nas. According to articles in both SoJones and TMZ, Nas owes $339k in IRS penalties for back taxes he has owed since 2010. The IRS has placed a federal tax lien on his assets; he owns several properties including an estate in Eagles Landing, Georgia. But this is not the first encounter with the IRS for Nas. According to public records, he still owes six million dollars in back taxes from previous years.
This is a very serious matter. When the IRS files a tax lien against someone, they are using the lien to enforce collection activity for back taxes owed. Tax liens or levies can impact personal bank accounts and/or assets and should be dealt with immediately. Just take a look at at Comedian Chris Tucker’s $11.5 million tax issue; it can happen to anyone, but must be dealt with swiftly if you want to own anything again.
In the case of Nas, he will need to deal with his tax problems immediately if he wants to release the new album and memoir titled “It Ain’t Hard to Tell” which tells stories about his rise to fame, issues with Jay-Z, relationship with Kelis and more. The proceeds will surely go towards paying down his enormous back tax debt.
More Tax Help, IRS News and Tax Relief Tips:
- Tax Expert Gives Tax Filing Info on Fox News
- Finding Tax Help for IRS Tax Debt
- Proposed Law Could Revoke Passport for Tax Debt
- Ask the Certified Tax Specialist – Small Business Back Taxes
- IRS Help for Americans with Foreign Income
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