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Mary J. Blige Faces $3.4 Million Tax Bill
Posted by Andru Edwards Categories: Music, Legal Issues,
Mary J. Blige has been handed a $3.4 million tax bill.
The "No More Dramas" singer faces paying the huge amount after being accused of avoiding her US federal taxes for three consecutive years from 2009. In addition to her federal taxes, the 42-year-old star also reportedly owes the State of New Jersey over $900,000 in back taxes.
Mary's money woes do not end there, as she was sued earlier this year for allegedly defaulting on a $500,000 bank loan which she took out between 2005 and June 2012. In another lawsuit, filed last November, the singer and her husband, Martin Isaacs, were also accused of defaulting on a $2.2 million loan from Manhattan's Signature Bank. The financial institution is seeking the full loan amount, alongside $58,000 in interest.
This is not the latest financial setback for Mary, after her charity, The Mary J. Blige and Steve Stoute Foundation for the Advancement of Women Now Inc., was accused of mishandling funds and failing to pay back a loan last year.
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Lindsay Lohan Selling Designer Clothes for Cash
Posted by Andru Edwards Categories: Movies, Clothing, Rumors,
Lindsay Lohan is reportedly selling her designer clothes.
The troubled 26-year-old actress has enlisted the help of her younger sister Ali to make some quick cash after her bank accounts were recently seized by the Internal Revenue Service (IRS), sending her 18-year-old sibling off to high end vintage clothing store Wasteland to flog some of her most valuable clothes, shoes and accessories.
The Liz & Dick star owed $233,904 in unpaid federal taxes in 2010 and despite being given $100,000 by her good friend Charlie Sheen, she still fell dramatically short of what she owed for 2011 and has now resorted to selling her personal effects to make up the sum.
Ali was seen arriving at the Los Angeles shop with several bags bursting with designer wares, but was shocked when the manager offered her a great deal less than she was expecting.
Click to continue reading Lindsay Lohan Selling Designer Clothes for Cash
Flo Rida Hit with $1 Million Tax Bill
Posted by Andru Edwards Categories: Music, Rumors,
Flo Rida has been slapped with a $1 million tax bill. The chart-topping rapper - whose real name is Tramar Dillard - reportedly owes the IRS $1,040,777.45, and the federal agency has put a lien against his home in Southern Florida giving them the ability the sell it to secure the payment.
The IRS filed legal documents against the 32-year-old "Wild One" hitmaker in Miami-Dade County Court on September 7, which state that he hasn't filed taxes since 2009. Flo Rida, who has produced on a string of hits including singles with T-Pain, Alexandra Burke and The Saturdays, purchased his 2.3-acre estate for $1.6 million two years ago.
The rapper - who is currently on a European tour - is just the latest in a string of celebrities such as Lauryn Hill and Nicolas Cage to be issued a large tax bill.
The rapper has been plagued by legal issues recently. Bosses of a security company have filed a lawsuit against him, claiming he failed to pay his bill for an alarm system they installed at his home. They are demanding payment plus interest amounting to $47,134 but Flo Rida claims he never authorized the work.
Lionel Richie Owes $1.1 Million in Taxes
Posted by Andru Edwards Categories: Music,
Lionel Richie reportedly owes over $1.1 million in unpaid taxes. The soul singer, who resides in Los Angeles, has been hit with a lien - an official claim against his property - for the payment of his debt which totals $1,130,609, according to TMZ.com.
The musician has racked up a huge number of hits over the years, including "Hello," "Dancing On The Ceiling" and "Easy Like Sunday Morning," and according to legal documents he is worth a reputed $200 million.
If Lionel - who recently released a duets album, Tuskegee, featuring new versions of his greatest hits - fails to pay the bill then the American government could repossess his property to clear the debt. His representative is yet to comment on the claims.
The 62-year-old star - the father of Nicole Richie - will next appear alongside Kelly Clarkson, Jennifer Nettles and Robin Thicke as judges on new TV show Duets.
Nicolas Cage Settles $6 Million Debt
Posted by Andru Edwards Categories: Movies, Legal Issues,
Nicolas Cage has settled $6 million of his tax debt. The Ghost Rider: Spirit of Vengeance actor has cleared almost half of the $13.3 million debt he owes for taxes in 2002 to 2004 and 2007 after he paid off $6,257,005.
Nicolas has blamed his former business manager Sam Levin for his problems, though he has countered this, claiming actor was overspending. "Over the course of my career I have paid at least $70 million in taxes. Unfortunately, due to a recent legal situation, another approximate $14 million is owed to the Internal Revenue Service (IRS), however, I am under new business management and am happy to say that I am current for 2009. All taxes will be paid including any to be determined state taxes," he said in 2010.
The 48-year-old actor's spending is legendary, and Sam has claimed that by 2008 the star owned "15 palatial homes around the world, four yachts, a Gulfstream jet and millions of dollars in jewelry and art."
Nicolas was forced to sell off many of his assets, including properties in California, Las Vegas and New Orleans as well as a British castle, yachts and a 67-million-year-old dinosaur skull worth $276,000.
Celebrity Chatter: Jessica Simpson’s Beau Leaves College, Chris Klein Stays in Rehab
Posted by Veronica Santiago Categories: Movies, Music, Television, Dating, Drunk, Legal Issues,
-Jessica Simpson’s new boyfriend, Eric Johnson, reportedly dropped out of his college business program to spend more time with her. It appears she’s finally met her intellectual equal.
-Actor Chris Klein - who was formally charged with drunk driving - has voluntarily chosen to extend his stay in rehab. He is scheduled for a court appearance on August 23.
-Money Talks star Chris Tucker is having problems in the cash flow department. The actor apparently owes the IRS over $11 million in back taxes.
-Maybe Tucker should back into the acting game? That’s what Amanda Bynes plans on doing. One month after deciding to quit acting, the 24-year-old announced she’s “unretired.” No one has yet announced that they cared.
Johnny Depp Returns a Favor to Nicolas Cage
Posted by K.C. Morgan Categories: Movies, Charity, Rumors,
This is actually a great Hollywood story, but only if you can stop asking “really?” in regard to Nicolas Cage’s financial situation. There’s a lot of gossip surrounding the issue. Cage alleges that his business manager failed to do his job, resulting in the actor owing six million to the IRS (ouch, right?). However, different gossip points to Cage’s spending habits. The man owns two islands and almost as many cars as Jay Leno, people.
But, sure, if you extract all that it’s a pretty good story. A-list actor Johnny Depp, who evidently is better at managing his money, has decided to extend a helping hand. One movie star to another, right? As it turns out, Depp sort of owes his fame to Nicolas Cage (who owes his to Coppola, but that’s a different story).
Click to continue reading Johnny Depp Returns a Favor to Nicolas Cage
Read More | Perez Hilton
Werd: Bailout - Part Five
Posted by Patrick Snajder Categories: Editorials, Taxes, US Economy,
The history of the word “bailout” is spotty at best. My handy not-quite-the-real-OED has no etymological definition. Merriam-Webster, who chose “bailout” as the word of 2008, gives a lame definition with a general reference to the year 1951:
Date: 1951
: a rescue from financial distress
So I went to the vast Google books resources and noticed that bailout in 1951 referred to pilots, bailing out of their cockpits [see also, Popular Mechanics in 1947 and 1956].
But what does that have to do with finance?
Click to continue reading Werd: Bailout - Part Five
Read More | 2008 Word of the Year
Helio Castroneves Indicted for Tax Evasion
Posted by Veronica Santiago Categories: Sports, Television, Legal Issues,
UPDATE: Castroneves was acquitted on six counts of tax evasion. A mistrial was declared on the seventh count.
Have we learned nothing from Richard Hatch and Wesley Snipes?
Helio Castroneves, the former winner of Dancing with the Stars, was indicted today for federal tax evasion. According to the indictment obtained in Miami, the 33-year-old underpaid the government between 1999-2004.
Helio, along with along with his sister (Katiucia Castroneves) and lawyer, are currently being accused of hiding over $5 million of the race car driver’s earnings. The trio allegedly tried “to conceal and disguise the true and correct amount” by using an offshore Panamanian shell corporation. Each defendant faces charges of conspiracy “for the purpose of impeding, impairing, obstructing, and defeating the lawful government functions of the Internal Revenue Service.”
According to the Miami Herald, all three are expected to appear in federal court tomorrow morning. Convictions on all counts could equate to approximately 30 years in prison per person.
Miami Herald
viaE! Online
So, did you e-File this year?
Posted by Andru Edwards Categories: Internet,
We figured it was time to start throwing polls into the mix here at Gear Live, as it’s an oft requested feature from our readers. That being said, now that we are just shy of a week after tax time (you did remember to file your taxes, right?) and we want to know if you guys take advantage of the e-File method of doing thing, or if you rely on the more traditional practice of mailing everything in to the IRS in a MacBook Air-style envelope. How geeky do you keep it? Let us know.
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