internal revenue service

Michael Jackson Estate’s Funds Frozen By IRS In Tax Dispute With His Family

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Michael Jackson’s estate is in a legal dispute with the United States Internal Revenue Service (IRS), and it’s now affecting his children and mother. Moreover, the estate temporarily froze the distribution of trust funds to his three kids Prince, Paris, and Bigi, as well as to his mother Katherine Jackson. This is due to an unresolved tax issue with the IRS, per documents reportedly obtained by AllHipHop, whose current deadlock is thanks to an open audit. Furthermore, this started with an IRS audit that suggested the estate owed $700 million in taxes and penalties, undervaluing the late superstar’s assets significantly.

Even with the estate‘s executors seeing a court win in 2021, a new motion to reevaluate Michael Jackson’s catalog and its worth made this gray area persist. Apparently, it’s because of this question mark around the estate’s value that the family can’t currently access the trust funds. Nevertheless, the estate’s legal team asked a judge to sign off on earmarking a portion of the funds for the family trust, something that the court withheld approval of due to not being able to determine a “safe” amount for distribution. In response, estate attorneys suggested a temporary “family allowance” for the beneficiaries in order to mitigate some of this monetary strain.

Read More: Michael Jackson’s Iconic Neverland Ranch Is Getting Updated For an Upcoming Biopic

Michael Jackson Performing In 1996

Michael Jackson IRS Dispute Taxes Family Estate Frozen Music News
Michael Jackson performs on stage on his HIStory tour in December 1996. (Photo by Phil Dent/Redferns/Getty Images)

Elsewhere, a previous development for the Michael Jackson estate was Sony Music Group’s $600 million purchase comprising of half of his music catalog back in February. Katherine Jackson herself issued legal contest to this move and sought to cover her legal fees with estate funds, which the estate was in disagreement with. In fact, Bigi Jackson filed paperwork in March to challenge Katherine’s attempt to use the estate’s money to pay for her legal processes. This further complicated the situation for the family, and may still be a point of contention.

Meanwhile, Michael Jackson was in the headlines recently for completely unrelated reasons concerning references to him in the Drake and Kendrick Lamar beef. Regardless of that, it’s unclear whether the estate will ever see a resolution to the issues represented by this new legal development with the IRS. The King Of Pop’s name, likeness, and artistry continue to make a lot of cash and maintain their ubiquity and legend status in pop culture. Will this long-lasting success impact how the court and the government agency views the estate? We will see.

Read More: Michael Jackson’s Company Wants Accusers Blocked From Seeing Nudes

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Tekashi 6ix9ine’s Florida Home Raided By IRS

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TekashiixineClaims'TheKingisBack'onTimesSquareBillboard

After several run-ins with the law, troubled rapper Tekashi 6ix9ine’s home in Florida was raided by federal agents and they even seized some of the “Gummo” rapper’s vehicles, according to reports.

The Palm Beach Sheriff’s Office were dispatched to 6ix9ine’s home  in Lake Worth, FL yesterday(April 17) to assist the IRS in their operation.

Eyewitnesses say that they saw the IRS seized several items from the residence while they talked with other people who were present. Tekashi was not home during the raid. Photos have confirmed that the IRS confiscated two vehicles from the property.

Tekashi is still dealing with legal issues in the Dominican Republic for an alleged assault, which is why he wasn’t home during the raid. Tekashi’s attorney offered up a statement about the incident, saying, “We are assessing the situation and will issue a statement at the appropriate time.”

TheSource.com will update this story as more details develop.

The post Tekashi 6ix9ine’s Florida Home Raided By IRS first appeared on The Source.

The post Tekashi 6ix9ine’s Florida Home Raided By IRS appeared first on The Source.

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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Beyoncé Challenges $2.7 Million Tax Bill

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Beyoncé has a bone to pick with the Internal Revenue Service, and she’s taking her issues with the government agency’s judgement to court. Moreover, the RENAISSANCE superstar challenged the IRS to review her $2.7 million tax liability in 2018 and 2019, citing an erroneous notice of deficiency. It alleged that she owed $805,850 in tax in 2018, $1,442,747 in 2019, and $449,719.40 in combined penalties. Furthermore, her dispute filed on April 17 cites a mistake the IRS made by disallowing millions of dollars in deductions. These include over $850,000 in charity contributions in 2018, and the notice of deficiency came about in December.

According to Forbes, the court will schedule a trial as soon as they can, even though the parties involved would rather not have it go that far. Furthermore, Beyoncé maintained that she “acted reasonably and in good faith,” and contested the attributed penalties. In fact, those represent 20% of the amount of underpaid tax, which reportedly results from how much money she allegedly owes. Interestingly, the petition lists Bey as the sole taxpayer, not alongside her husband Jay-Z.

Beyoncé Disputes Tax Liability

Of course, as one of the most successful and enduring stars in pop music at large, this shouldn’t be too much of a problem for the “Irreplaceable” singer. Not only does she continuously find huge commercial and critical success with her music, but her extracurriculars solidify her icon status. From a buzzed-about world tour to her cultural impact, it’s no wonder TIME named her as one of the most influential people of 2023. That being said, these situations can sometimes get murky quickly, so hopefully Beyoncé is able to clear this up without much hassle.

Meanwhile, she continued to challenge and best herself this year in a lot of different spaces. One of those was her new couture for RENAISSANCE in collaboration with Balmain, which saw her turn heads in the fashion world once again. Also, she found a new horizon on the charts, with “CUFF IT” surpassing “Halo” as her longest-charting solo song of all time. No matter the industry, the 41-year-old had a lot to celebrate these past few years. When it comes to the years before, time will tell whether she’ll have to pay up. Regardless, log back into HNHH for the latest news and updates on Beyoncé.

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Lil Kim Settles Tax Debt

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Lil Kim reportedly (and finally) settled her longtime disagreements with the Internal Revenue Service (IRS) over tax debt. According to court documents obtained by RadarOnline, Kimberly Denise Jones agreed to a $1.4 million settlement with the federal tax agency. However, its exact details remain unspecified, as is the date on which she discharged the tax debt in question. Furthermore, some of this discharge dated back all the way to 2003, and this settlement means that the federal government can no longer seize her assets to satisfy the debt. The largest debt she owed was reportedly in 2008, where she had to cough up around $400,000.

While it’s been a long history of arguments and payments for Lil Kim, that didn’t stop her from performing and continuing to inspire others. In fact, as of late, many female rappers shouted her out as an influence, which is unsurprising considering her long reign as one of rap’s queens. For example, Ice Spice recently named “The Jump Off” MC as one of her biggest inspirations along with Nicki Minaj. When it comes to her artistry, that speaks louder than any settlement agreement.

Lil Kim Reaches Settlement With IRS

ATLANTA, GEORGIA – SEPTEMBER 30: Lil Kim performs onstage during the 2022 BET Hip Hop Awards at Cobb Energy Performing Arts Center on September 30, 2022 in Atlanta, Georgia. (Photo by Aaron J. Thornton/WireImage)

Another female superstar to praise the 48-year-old for paving the way was Megan Thee Stallion. “My mom was a rapper, right?,” the Stallion expressed on RapCaviar Presents. “She was a female rapper, but I had never heard of women being rappers ever because my mom was listening to UGK, Three 6 Mafia. My daddy [listened to] Lil Wayne, like, we only listening to men in the house. But one day, my mom put on Lil Kim. Damn! She raps harder than a lot of these guys!”

Not only that, but Lil Kim often shows these artists the same amount of love, as she did recently to Cardi B. “Cardi is like the love of my life,” Kim expressed in an interview. “You don’t even know. Like, she makes me laugh… we talk a lot. People have no idea. But she’s my little sister but she’s really my big little sister. Believe it or not, she directs me on a lot of things like ‘No, this is what I want you to do’…and I’ll be like ‘Ok that makes sense’. We just laugh a lot too.” For more updates and news on Lil Kim and her impact, stick around on HNHH.

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Donald Trump’s Tax Returns Reveal Shocking Info 

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Donald Trump’s federal tax returns have finally been released. The House Ways and Means Committee released six years of the former President and his wife Melania’s joint tax returns on Friday. 

According to reports, the documents contain details that were not previously public. Private loans and foreign bank accounts were discovered in the returns. Also revealed were loans Trump gave to his children, income from Melania’s modeling and more.

Former US President Donald Trump speaks at the Mar-a-Lago Club in Palm Beach, Florida, on November 15, 2022. – Donald Trump pulled the trigger on a third White House run on November 15, setting the stage for a bruising Republican nomination battle after a poor midterm election showing by his hand-picked candidates weakened his grip on the party. Trump filed his official candidacy papers with the US election authority moments before he was due to publicly announce his candidacy. (Photo by ALON SKUY / AFP) (Photo by ALON SKUY/AFP via Getty Images)
Read More: Donald Trump Thinks Kanye West Is Acting “Crazy”

Trump has attempted to keep his federal return out of the public eye for years. Earlier this week, he accused the democrats of unconstitutionally releasing his returns.  “The Democrats should have never done it,” he began in a statement.  “The supreme court should have never approved it, and it’s going to lead to horrible things for so many people.” 

Trump’s rant against the democrats didn’t end there. “The great USA divide will now grow far worse,” he added. “The radical, left Democrats have weaponized everything. But remember, that is a dangerous two-way street.”

The tax returns also revealed information about Donald and Melania’s income during his time as POTUS. The Internal Revenue Service reportedly failed to carry out mandatory audits of Trump during his first two years as president.

It also found that the couple reported negative income and little or no tax liability for a few years. Returns for his first three years as president show that Trump donated a portion his salary, but he reported $0 in charitable giving in 2020. The news comes on the heels of the House select committee investigating the Jan. 6 attack on the Capitol — reportedly referred by Trump — for possible criminal charges. Charges include incitement of insurrection and conspiracy to defraud the U.S.

Check out HNHH for the latest.