In Rapper With Tax Problems News: Nas Owes Millions to the IRS
Another day, another rapper, another tax problem. This time it hits rapper Nas (again), as he’s being penalized for $339,000 in income tax from the IRS, as reported by TMZ. The number was derived from the money Nas earned way back in 2010. This isn’t Nas’ only problem, as he also owes close to $6 million dollars for years of unpaid taxes, as revealed back in January 2011.
Seriously, there should be some special course for these rappers to get their finances together.
The IRS has put a lien on Nas’ assets, as he owns several properties including an estate in Eagles Landing, Georgia. The rapper who’s preparing to release a new album will have to settle his tax problem as soon as possible. We’d hate to see him go to jail. In fact, he’s also planning to release his memoir titled “It Ain’t Hard to Tell” which will tell stories about his rise to fame, beef with Jay-Z, relationship with Kelis and more.
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It's doubtful jail is a real threat for past due taxes. Unless they can prove intentional fraud. it's also doubtful he owes the full $6 million. He's probably missing filings. Here's how you fix it:
1. Check to see if filings are missing and if substitutes are filed in place. File missing returns. This will replace the subs and drive down the liability to the real amount.
2. Once you have the real liability, figure out which way to best address it. If he can pay in full without any other hardship, he should. It's the best and cheapest way. If he cannot, an installment agreement can be arranged up to 5 years long. There are other solution that run longer, or settle the debt for less, but I doubt that would be available to him based on his income and assets.
3. If he continues to ignore this, they will be able to intercept his payments for new sales, grab bank accounts, and seize and auction property. It's time to take care of things.