Rap Artist Faces Tax Liens Despite $215 Million Personal Fortune
Hip hop and Gansta Rap artists who make it big often seem to follow a similar career path. As teenagers, they get into criminal trouble on the “mean streets.” They then rise to fame and fortune, complete with lavish spending. Eventually, they further capitalize on their success by launching businesses: clothing lines, record labels and night clubs.
Oddly, however, some rap artists then seem to get into legal trouble again – usually over things like failure to pay taxes. The artist most recently pursued by the IRS is T.I., whose real name is Clifford Harris Jr. According to news reports, he and his wife Tameka Harris owe some $4.5 million in taxes from 2012 and 2013.
Earlier this month, the IRS filed two separate liens against the couple; the first for about $1.4 million (taxes from 2012) and the second for about $3.2 million (taxes from 2013). The lien is specifically against “all property and assets the rapper owns,” according to the Daily Mail.
$4.5 million is more money than most of us will ever earn. So it is difficult to imagine paying it back quickly, even for celebrities. But T.I. is estimated to be worth as much as $215 million. With such a large personal fortune, it is unclear why he should have any trouble paying his taxes. Were the violations willful or simply the result of bad accounting? And did he handle his own finances, or did he hire a professional?
If nothing else, T.I.’s tax issues are a reminder to the rest of us that dealing with the IRS can be difficult regardless of how little or how much money you have. If you find yourself facing an audit or other tax-related problems, please seek the help of an experienced tax law attorney right away.
Tax Season Begin on January 19, Closes on April 18. As we prepare to flip our calendars from 2015 to 2016, we reminisce about the year that has come and gone. We talked about a lot of tax […]
What Penalties Are There For Filing Late or Carrying Unpaid Debt? On behalf of Brian Coggins of Coggins Law Office posted in Tax Delinquency on Friday, December 24, 2015. If you file your taxes late, or if you have tax debt that goes unpaid for a long time, then you will be subject to fines, […]
Divorce and Taxes: Alimony Can Be Deducted on Your Filing On behalf of Brian Coggins of Coggins Law Office posted in Back Taxes or Tax Debt on Friday, December 11, 2015. One major life event that has an impact on your taxes is divorce. When you and your spouse decide it is time to file […]
An Experienced Tax Attorney Serving Northern California
TELL ME ABOUT YOUR CASE
Coggins Law Office
9001 Foothills Boulevard, Suite 110
Roseville, CA 95747
+1 (916) 270-2895