back taxes

Donald Trump May Owe IRS More Than $100 Million in Back Taxes

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Donald Trump May Owe IRS More Than $100 Million in Back Taxes

The IRS may soon come calling to collect an unpaid debt of more than $100 million in back taxes supposedly owed by former President Donald Trump.

Trump’s financial woes stem from handling the Trump International Hotel and Tower in Chicago, his most recent major construction project. Built-in 2008 amidst the Great Recession, Trump claimed significant losses from the project, utilizing it as a tax write-off. But get this: the self-proclaimed greatest deal maker initially cited the tower as a “worthless” deduction on his tax return in 2008, emphasizing the overwhelming debt load over any potential profit.

However, the investigation revealed that Trump allegedly claimed the same tower as a loss again in 2010 after transferring it to a new partnership, which was still under his control. This move resulted in an additional $168 million in reported losses over the following decade. Huh? Double dipping? Oh, but this guy owes New York State over $400 million after a judge ruled he defrauded New York widely through his real estate. 

Details of Trump’s IRS audit surfaced in 2020, coinciding with the agency’s investigation into a nearly $73 million tax refund from 2010 — the same year as the establishment of the new Chicago tower partnership.

Trump’s son, Eric Trump, the smart one, defended his father’s tax strategies, stating, “This matter was settled years ago, only to be brought back to life once my father ran for office.” He cited support from various tax experts, including the former general counsel of the IRS.

Despite ongoing audit proceedings, last publicly updated in December 2022, Trump may face substantial tax penalties once the process concludes and any appeals are exhausted. This potential nine-figure bill adds to Trump’s mounting legal troubles, including an $83.3 million penalty from a defamation case by writer E. Jean Carroll and the aforementioned $464 million verdict in a civil fraud suit. Bonds have been secured for both cases, which are currently under appeal. Good luck with that. 

The post Donald Trump May Owe IRS More Than $100 Million in Back Taxes first appeared on The Source.

The post Donald Trump May Owe IRS More Than $100 Million in Back Taxes appeared first on The Source.

Travis Scott Facing $100K Tax Lien: Details

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Travis Scott is currently going through numerous lawsuits related to the Astroworld Festival tragedy. Overall, he could have to shell out upwards of $1 billion due to these lawsuits. However, he is currently in the deposition process and there is no telling when all of this will come to a head. That said, it seems as though Scott is now going through a new monetary issue, according to The Blast.

It has been revealed that the artist owes the IRS $106,968.18 in back taxes. This is for the year 2021, which was not very long ago. As a result of his debt, he has been hit with a tax lien. He will now have to pay the money back quickly, or face harsh penalties and interest rates. As for the Astroworld tragedy, Scott recently spoke to GQ about how much the whole experience affected him and his album, Utopia.

Read More: Travis Scott Attended SZA’s “SOS” Tour With “UTOPIA” Briefcase

Travis Scott Owes Money

HOUSTON, TEXAS – NOVEMBER 02: Rapper Travis Scott announces “play ball” prior to Game Six of the World Series between the Houston Astros and the Atlanta Braves at Minute Maid Park on November 02, 2021 in Houston, Texas. (Photo by Carmen Mandato/Getty Images)

“Making music, you think about things that go on in life and things that happen in your life, and you dial in on things,” Scott explained “That moment for families, for the city, you know, it was devastating. And when it came to making, like even finishing the album…I got back into it probably like, I don’t know, months and months and months after. And the idea of just even getting back into music, working on music and just even getting into that, was therapeutic of being able to channel some of the energy into production and sounds and finishing it.”

It remains to be seen if Scott will pay the money quickly. However, it’s probably better to do so. Let us know your thoughts on this story, in the comments section below. Additionally, stay tuned to HNHH for the latest news and updates from around the music world. We will always be sure to keep you informed.

Read More: Travis Scott Albums, Ranked

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Mary J. Blige Reflects On “Owing Hundreds Of Millions” In Taxes During 2016

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Taxes can be intimidating enough for the average Joe, but in 2016, they became a nightmare for Mary J. Blige. At the time, the R&B diva was told by the Internal Revenue Service that she owed $1,198,161 in back taxes. While she certainly has made money over the years thanks to her various talents, her tumultuous divorce from Martin “Kendu” Isaacs that same year came as a result of him haphazardly spending her income, eventually inspiring her to write the song “Rent Money” from her most recent Good Morning Gorgeous album.

“I owed so much money I never thought I’d ever get out of debt,” Blige reflected during a panel at her second annual Strength Of A Woman festival this past weekend in Atlanta. “I’m out of debt now, but I mean I owed hundreds of millions of dollars in taxes. Now I have the wisdom, now I look at my payroll that’s not my money. My taxes are not my money … so I’m like, ‘Pay my payroll, pay my taxes, pay my ties, all of that money I don’t even wanna see it because it doesn’t belong to me,” the legendary lyricist continued.

Read More: Mary J. Blige Owes More Than $1 Million In Taxes: Report

Mary J. Blige Gets Candid About Money Struggles

According to Blige, no one in her camp was listening to her at the time. “When I was married I was like, ‘Pay my taxes, pay my ties,’ but they didn’t listen to me. He was in control of everything,” she noted of Isaacs. The singer has previously spoken candidly about their separation, which ultimately forced her to head out on tour again as she had no money to pay for the alimony from her divorce.

“By the time I got to the deposition and saw everything that he did, I didn’t have a dollar left. He spent everything, and he knew he spent everything but he was still asking me for more money,” she told The Breakfast Club in 2022. Read the advice that Mary J. Blige would give to her younger self now that she knows better at the link below, and make sure to check back later for more hip-hop/pop culture news updates.

Read More: Mary J. Blige Reveals What She Would Say To Her 13-Year-Old Self

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