irs

6ix9ine Officially Loses His Cars After Being Auctioned Off By The IRS

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6ix9ine’s career continues to be in a tailspin after losing two cars at a recent IRS auction (no pun intended). According to XXL, the GSA (General Services Administration) closed of the bidding war for the Bushwick, Brooklyn native’s 2019 Lamborghini Urus and his 2017 Bentley Continental GT Speed. The final price for each high-performance luxury vehicle are as follows. For the Lambo SUV, the winning bidder is taking it home for $175,043. There were a total of 30 people making offers. Then, for the massive coupe, the final number hit $85,500 with 16 vying for it. Originally, both automobiles were listed at $20,000 on July 8. Overall, it is a little surprising that they did not sell for a little more.

However, these brands do poorly with depreciation. Furthermore, with each car having in a paint-splattered wrap on top of an over-the-top paint job, it does begin to make sense. If you remember, 6ix9ine had these vehicles seized by the IRS from his Lake Worth, Florida home this past April. He was not on the premises when the division of the U.S. Treasury department swooped in. Several videos of the cars being shown after the fact went quite viral as well.

Read More: Diddy Gets Clowned For Alleged 50-Foot Backyard Bed

6ix9ine Loses His Two Cars For Over $260,000 At Hands Of IRS

This all stems from a $9,825,000 lawsuit back in 2021 from Alexis Salaberrios, an exotic dancer at the Gold Rush Cabaret in Miami. She was struck by a bottle thrown by 6ix9ine after he was allegedly called a rat by someone at the club. It led to that outburst and Salaberrios receiving a nasty head injury. All of this continues to beg a lot of questions surrounding the future of 6ix9ine.

What are your thoughts on 6ix9ine losing his cars to an IRS auction? How do you feel about the prices for each one? Is the rapper’s image completely in the trash, or can he come back from all of this? What should be his next move? We would like to hear what you have to say, so leave your thoughts in the comments. Additionally, always keep it locked in with HNHH for all of the latest news surrounding 6ix9ine. Finally, stay with us for everything else going on in the music world.

Read More: Halle Bailey’s Son Halo Looks Exactly Like Her As He Turns Seven Months Old

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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.

Soulja Boy’s Album Pulled From Streaming Services Due to a Producer’s Copyright Claim

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soulja boy first rapper

If you are looking for Soulja Boy’s Soulja Season album, you may not be able to find it. According to Soulja Boy, the album was pulled from streaming services due to a copyright claim over a beat.

“My album ‘Soulja Season’ was taken offf DSPs because of a copyright claim from a producer I purchased the beat from 100% this is the third time this happened,” Soulja Boy wrote. “First ‘Biggest Opp’ then ‘BigDraco3.’ This may be my last time working with producers. They messing it for all producers!”

Soulja Boy wants his fans to know he is not a member of the Illuminati and has all love for God. “When I first got in the rap game, a lot of people was like ‘Soulja Boy joined the illuminati. That’s how he got his money, that’s how he got rich.’ All you gotta do is believe in God and stay down. Nothing can f-ck with you.”

He added, “When you really believe in God, you gon’ go through s–t. You gon’ see the media lying on you, you gon’ see n–gas you don’t know beefing with you out of nowhere, hating on you. You go through more s–t when you f—in’ with God.”

The post Soulja Boy’s Album Pulled From Streaming Services Due to a Producer’s Copyright Claim first appeared on The Source.

The post Soulja Boy’s Album Pulled From Streaming Services Due to a Producer’s Copyright Claim appeared first on The Source.

Soulja Boy Blasts Claims He Joined Illuminati: ‘Believe in God and Stay Down’

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soulja boy first rapper

Soulja Boy wants his fans to know he is not a member of the Illuminati and has all love for God. “When I first got in the rap game, a lot of people was like ‘Soulja Boy joined the illuminati. That’s how he got his money, that’s how he got rich.’ All you gotta do is believe in God and stay down. Nothing can f-ck with you.”

He added, “When you really believe in God, you gon’ go through s–t. You gon’ see the media lying on you, you gon’ see n–gas you don’t know beefing with you out of nowhere, hating on you. You go through more s–t when you f—in’ with God.”

Soulja Boy is facing financial hardships, according to a judge. Soulja Boy was attempting to have a six-figure judgment thrown out due to struggling with money, only to find out he actually is.

According to RadarOnline.com, Soulja Boy’s argument was not convincing, and he is still on the hook to pay his ex-girlfriend Kayla Myers for an alleged assault. Myers stated that Soulja Boy hit her head with a gun at a 2019 house party. Soulja Boy has been ordered to pay $472,000. Half of the total is for damages, and the other half is for punitive damages.

Soulja Boy currently rents a Los Angeles home for $25,000 a month. In addition, he has a car collection that as worth $600,000 when he purchased them and $18,000 in jewelry. The rapper does not own any property.

Soulja Boy currently makes $10,000 to $50,000 a show, but a $1 million tax debt counters that.

After analyzing the details, a judge noted the rapper’s “net worth is negative” but still awarded Myers her payment.

“While it is not clear that defendant could just snap his fingers and book as many shows as he would like, neither is it clear that he cannot work at all. It might not be the work he wants (and he might not be headlining), but the court has no reason to believe that he cannot perform at all,” the judge said.

The judge also suggested the rapper moves to a more modest home around $10,000 a month.

DeAndre Cortez Way, publicly known as Soulja Boy, has been an influential figure in the music industry for over a decade. From his breakthrough hit “Crank That (Soulja Boy)” to his entrepreneurial ventures, he has left a mark on the hip-hop industry. However, behind the fame and success lies a significant financial challenge – Soulja Boy’s tax debt.

In recent years, Soulja Boy has faced legal and financial battles, with one of the most pressing issues being his tax debt. According to reports, the artist owed a substantial sum to the Internal Revenue Service (IRS) due to unpaid taxes. This predicament highlights many high-earning individuals’ common struggle in managing their finances and tax obligations.

The IRS relentlessly pursues unpaid taxes, and failing to address the issue can lead to severe consequences, including penalties, liens, or even legal action. Managing such financial obligations becomes crucial for an artist who has enjoyed significant commercial success.

The tax debt issue undoubtedly challenges Soulja Boy’s financial stability and career trajectory. Financial strain can limit his ability to invest in new projects, jeopardize his personal assets, and hinder his overall financial well-being. Additionally, it can tarnish his public image and credibility, leading to potential difficulties in securing partnerships or endorsement deals.

Resolving tax debt requires careful financial planning and cooperation with tax authorities. Soulja Boy’s team of financial advisors and attorneys are likely working diligently to negotiate payment arrangements and potentially reduce the overall amount owed. 

Soulja Boy’s tax debt serves as a cautionary tale, emphasizing the importance of proper financial management for individuals in the entertainment industry and beyond. The struggle to balance personal finances and meet tax obligations is a common challenge high-earning individuals face. As Soulja Boy navigates this financial bump in the road, it is a reminder for all of us to stay vigilant and responsible regarding our financial affairs, ensuring compliance with tax laws and seeking professional assistance when needed.

The post Soulja Boy Blasts Claims He Joined Illuminati: ‘Believe in God and Stay Down’ first appeared on The Source.

The post Soulja Boy Blasts Claims He Joined Illuminati: ‘Believe in God and Stay Down’ appeared first on The Source.

Soulja Boy Revealed to Have Negative Net Worth During Legal Battle with Ex-Girlfriend

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soulja boy first rapper

Soulja Boy is facing financial hardships, according to a judge. Soulja Boy was attempting to have a six-figure judgment thrown out due to struggling with money, only to find out he actually is.

According to RadarOnline.com, Soulja Boy’s argument was not convincing, and he is still on the hook to pay his ex-girlfriend Kayla Myers for an alleged assault. Myers stated that Soulja Boy hit her head with a gun at a 2019 house party. Soulja Boy has been ordered to pay $472,000. Half of the total is for damages, and the other half is for punitive damages.

Soulja Boy currently rents a Los Angeles home for $25,000 a month. In addition, he has a car collection that as worth $600,000 when he purchased them and $18,000 in jewelry. The rapper does not own any property.

Soulja Boy currently makes $10,000 to $50,000 a show, but a $1 million tax debt counters that.

After analyzing the details, a judge noted the rapper’s “net worth is negative” but still awarded Myers her payment.

“While it is not clear that defendant could just snap his fingers and book as many shows as he would like, neither is it clear that he cannot work at all. It might not be the work he wants (and he might not be headlining), but the court has no reason to believe that he cannot perform at all,” the judge said.

The judge also suggested the rapper moves to a more modest home around $10,000 a month.

DeAndre Cortez Way, publicly known as Soulja Boy, has been an influential figure in the music industry for over a decade. From his breakthrough hit “Crank That (Soulja Boy)” to his entrepreneurial ventures, he has left a mark on the hip-hop industry. However, behind the fame and success lies a significant financial challenge – Soulja Boy’s tax debt.

In recent years, Soulja Boy has faced legal and financial battles, with one of the most pressing issues being his tax debt. According to reports, the artist owed a substantial sum to the Internal Revenue Service (IRS) due to unpaid taxes. This predicament highlights many high-earning individuals’ common struggle in managing their finances and tax obligations.

The IRS relentlessly pursues unpaid taxes, and failing to address the issue can lead to severe consequences, including penalties, liens, or even legal action. Managing such financial obligations becomes crucial for an artist who has enjoyed significant commercial success.

The tax debt issue undoubtedly challenges Soulja Boy’s financial stability and career trajectory. Financial strain can limit his ability to invest in new projects, jeopardize his personal assets, and hinder his overall financial well-being. Additionally, it can tarnish his public image and credibility, leading to potential difficulties in securing partnerships or endorsement deals.

Resolving tax debt requires careful financial planning and cooperation with tax authorities. Soulja Boy’s team of financial advisors and attorneys are likely working diligently to negotiate payment arrangements and potentially reduce the overall amount owed. 

Soulja Boy’s tax debt serves as a cautionary tale, emphasizing the importance of proper financial management for individuals in the entertainment industry and beyond. The struggle to balance personal finances and meet tax obligations is a common challenge high-earning individuals face. As Soulja Boy navigates this financial bump in the road, it is a reminder for all of us to stay vigilant and responsible regarding our financial affairs, ensuring compliance with tax laws and seeking professional assistance when needed.

The post Soulja Boy Revealed to Have Negative Net Worth During Legal Battle with Ex-Girlfriend first appeared on The Source.

The post Soulja Boy Revealed to Have Negative Net Worth During Legal Battle with Ex-Girlfriend appeared first on The Source.

Soulja Boy May Need to ‘Crank Out’ Money to the IRS

by
soulja boy first rapper

DeAndre Cortez Way, publicly known as Soulja Boy, has been an influential figure in the music industry for over a decade. From his breakthrough hit “Crank That (Soulja Boy)” to his entrepreneurial ventures, he has left a mark on the hip-hop industry. However, behind the fame and success lies a significant financial challenge – Soulja Boy’s tax debt.

In recent years, Soulja Boy has faced legal and financial battles, with one of the most pressing issues being his tax debt. According to reports, the artist owed a substantial sum to the Internal Revenue Service (IRS) due to unpaid taxes. This predicament highlights the common struggle many high-earning individuals face in managing their finances and tax obligations.

The exact amount of Soulja Boy’s tax debt is not publicly disclosed but is believed to be a substantial figure. The IRS relentlessly pursues unpaid taxes, and failing to address the issue can lead to severe consequences, including penalties, liens, or even legal action. Managing such financial obligations becomes crucial for an artist who has enjoyed significant commercial success.

The tax debt issue undoubtedly challenges Soulja Boy’s financial stability and career trajectory. Financial strain can limit his ability to invest in new projects, jeopardize his personal assets, and hinder his overall financial well-being. Additionally, it can tarnish his public image and credibility, leading to potential difficulties in securing partnerships or endorsement deals.

Resolving tax debt requires careful financial planning and cooperation with tax authorities. Soulja Boy’s team of financial advisors and attorneys are likely working diligently to negotiate payment arrangements and potentially reduce the overall amount owed. 

Soulja Boy’s tax debt serves as a cautionary tale, emphasizing the importance of proper financial management for individuals in the entertainment industry and beyond. The struggle to balance personal finances and meet tax obligations is a common challenge high-earning individuals face. As Soulja Boy navigates this financial bump in the road, it is a reminder for all of us to stay vigilant and responsible regarding our financial affairs, ensuring compliance with tax laws and seeking professional assistance when needed.

The post Soulja Boy May Need to ‘Crank Out’ Money to the IRS first appeared on The Source.

The post Soulja Boy May Need to ‘Crank Out’ Money to the IRS appeared first on The Source.

IRS Admits Black Taxpayers Are More Likely To Get Audited

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An internal IRS investigation has confirmed that black taxpayers are audited at higher rates than other racial groups. A recent study at Stanford University found that black taxpayers were more likely to be singled out for audit than non-black taxpayers.

“While there is a need for further research, our initial findings support the conclusion that Black taxpayers may be audited at higher rates than would be expected given their share of the population,” IRS Commissioner Daniel Werfel told lawmakers.

The main reason for the discrepancy surrounded the handling of audits involving a tax incentive known as the Earned Income Tax Credit, which provides credits to those at the lower end of the income spectrum that can total up to $7,430, depending on how many dependents they have.

The greater cause of the discrepancy is the selection of taxpayers targeted for auditing within the community of claimants: Black taxpayers who claim the EITC are reportedly between 2.9 and 4.4 times more likely to be audited by the IRS than their non-Black counterparts. Researchers found that audit rates between Black and non-Black taxpayers who do not claim the EITC show a smaller difference — although still statistically significant.

The IRS algorithm that chooses EITC tax returns for audit may be racially biased such as targeting incorrectly received credits and only choosing uncomplicated returns for audit. 

“Back in March my colleagues and I raised alarms to the new IRS boss about Black taxpayers being over-audited and today he confirmed our suspicions,” wrote Rep. Bill Pascrell, Jr., a Democrat from New Jersey, on Twitter. “The IRS is making strides but extra audits of Black Americans is disgraceful and must end.”

According to the letter, the IRS, which will receive nearly $80 billion in funding through the Inflation Reduction Act, says it plans to use some of the money to understand “any potential systemic bias” within its compliance strategies and treatments.

The post IRS Admits Black Taxpayers Are More Likely To Get Audited appeared first on The Source.