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Everybody who earns a salary typically needs to pay taxes. That's just the way it is. Yet, it seems that for some hip hop artists, paying their tax bill is something that simply slips their mind. Case in point: 24-year-old rapper Bow Wow reportedly owes the IRS around $91,105.61 for unpaid taxes from the year 2006.
Reports are that the artist formerly known as "Lil' Bow Wow" even has a lien on his property in the state of Florida.
If the reports are true, it seems Bow Wow is simply the latest artist who has run afoul of the tax codes. Just a few months ago, rapper Ja Rule was sentenced to 28 months in prison for tax evasion.
The tax lien on Bow Wow's property is only one of several methods the IRS can deploy. Tax liens establish the government's interest in the property, and establishes priority for the IRS as a creditor.
The IRS may also file a levy against property which will allow them to take property and sell them to satisfy the tax debt. Levies can be used on assets like real estate or cars. The IRS may also choose to offset any future tax refund you may be entitled to in future years. State income tax refunds may also be offset in order to satisfy your tax debt.
So maybe Bow Wow should count his blessings that the IRS didn't choose to levy his property in Florida.
But maybe the reports aren't even true. Bow Wow has taken to his personal blog to fend off the allegations, stating that they are false. He even went on to declare that he's sitting in the condo that the media reported was taken from him. According to Bow Wow, he doesn't owe the IRS a cent.
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.