16 Sep Lil Wayne and His Big IRS Problems
Tax evasion has been a long-standing problem for the Internal Revenue Service. Tax cheats cost both state and federal governments hundreds of billions of dollars – every year! It is estimated that tax evasion’s collective cost, just over the last decade, amounts to $3 trillion. Recently, tax evasion cases have reached the public. Numerous states, such as Florida, New York, and California, as well as many municipalities, keep compiling their lists of the biggest tax evaders in their states. Such is the case of one famous rapper, who’s extravagance when it comes to money, almost led him to bankruptcy.
For years, DeWayne Michael Carter, Jr., better known as Lil’ Wayne, has been making a lot of music and a lot of money. However, he also managed to incur a lot of debt with the IRS, too. Over the last six years, the IRS has filed Federal Tax Liens against the famous rapper in the amount of $977,840 in 2008, $2,25 million in 2009, $1.1 million in 2010, $5.6 million in 2011 and $12 million in 2014., including various unpaid taxes and late fees dating back to 2002.
So, Lil’ Wayne had to face the music (not his) and learn how even celebrities don’t get any special treatment from their government. Actually, the IRS is notorious for seizing assets and locking up celebrities for their unpaid taxes. Eventually, the IRS had to place liens on his sprawling 15,501 square foot home in an attempt to collect on his ever-growing debt. This was a sobering moment for the New Orleans musician.
Lil’ Wayne recently paid off a colossal $14 million to the Internal Revenue Service, in connection with his two multimillion-dollar liens. The Grammy-award winning rapper even revealed that his friend Jay-Z, with whom he previously had a mini-feud, had stepped in to help him with his taxes and publicly thanked him for caring about his financial problems.
“There’s people like Jay-Z – he helped me out when I was really, really, really down. Really, really, really down,” Wayne told people attending a concert of his in December 2018. “Jay don’t want me to tell nobody. That man helped me with my taxes. He’s a real friend y’all. Shout out my n—a Jay!”
Lil’ Wayne was also lucky to receive his settlement money from Birdman, when the two musicians finally settled their years-long legal battle over Lil’ Wayne’s record deal. As reported by several news sources, the rapper received an eight-figure payout from Universal Music Group and officially cut ties with the Cash Money Records. Weezy originally sued Birdman for $51 million, claiming that his record label violated his contract’s terms and withheld millions of dollars after delaying his album ‘Tha Carter V’ multiple times.
Now that he has one less bill to pay, Weezy can focus on his music. However, we wholeheartedly advise him, and our readers, not to make such mistakes and get a good accountant. If you want to read more about celebrity tax evasion stories or need advice from a tax resolution specialist, contact Golden Tax Relief today!