Monday, February 6, 2012

DAMN, WHY THEY WANNA STICK ME FOR MY PAPERS: LIL KIM OWES THE IRS OVER $1 MILLION


Love Kim, but she REALLY needs to fire her glam squad..they clearly don't want you to win! #ToughLove

According to TMZ, rapper Kimberly "Lil Kim" Jones owes the IRS over $1 million dollars in back taxes.
According to documents filed with the L.A. Recorder's Office, Kim [has] owe[d] money every year from 2002-2009.

 The 2009 amount, $86347.85, was just recently tacked on -- bringing her total $1,026,862.42.


However, Lil Kim will not be getting Wesley Snipe'd by the IRS if she can help it. 

A rep for the Queen Bee, contacted TMZ and informed
the site that Kim has "hired professional attorneys to handle this matter" and that "she, along with her team of legal experts, are working cooperatively and diligently with the IRS and federal authorities to amicably resolve the situation."

Good to hear that she's staying on top of the situation.

Why are celebrities often in hot water with the IRS?

As far as recording artists are concerned, I know the large amounts of unaccounted (untaxed) for income (tour money) is a major factor, coupled with the constant traveling, makes it hard for some artists to keep track of their day-to-day finances and financial obligations. 

However, I have never heard of Oprah or Bill Gates having issues with the IRS.  My point is, if people of that financial and celebrity stature are able to closely monitor their finances, then so should other celebrities.

I remember Oprah once saying that she reviews and signs every single one of her checks!

Factor in that this is thee Oprah Winfrey we're talking about, and that she likely writes hundreds of checks a week. It's no small coincidence that she is where she is today because of her meticulousness with regards to her finances.

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