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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