Thursday, March 19, 2015

The Tax Trouble of Lil Wayne

Lil Wayne, whose real name is Dwayne Michael Carter, Jr., is a regular with the IRS. Through years of dealing with his taxes, he was never sent to jail, but for some reason, his tax dues seemed to never go away. His fourth instance of unpaid taxes has accrued around $12 million for 2011 and 2012. All his assets, including his primary residence at Miami Beach, FL, is carrying a lien.

He eventually received a tax break…worth around $175,000. It’s a meager amount compared with his $12-million tax debt, which has yet to be paid back in full.

The IRS must love dealing with the popular rapper. He was slapped a similar lien in 2008 for a $977,000 tax debt, which he paid. Two years later, he was slapped with another lien for $1.13 million. A year later, half of his $12-million outstanding due came. A year later again, the other half came. He has until 2020 to settle everything (for the two most recent, until 2023). No catchy tune can help him get out of a tax lien.

The best way to avoid getting a tax lien altogether is by paying your dues on time. Other methods like subordination and withdrawal are designed to secure your property but not eliminate your dues. So, if the situation Lil Wayne is in is so similar to yours, better consult an IRS tax attorney before it’s too late.

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