Calvin Cordozar Broadus – better known as Snoop Dogg seems to have continuous issues with the IRS and the State of California. Recently, the IRS issued a tax lien against his wife and him including, Snoop’s name, assets and properties. They are seeking payment of at least $540,000 in back taxes. This particular lien is in relation to unpaid income taxes for years 2009 and 2011. Mr. Broadus is a successful Entertainer, Business Owner, Sports Coach and Philanthropist. He is one of the wealthiest and most successful rappers to come out of the 1990s rap scene, and one of the few still recording today with reported net worth of at least $120 Million. According to the post on Celebritytaxlore.com, Snoop owes $101,952 from 2009 and and $444,317 from 2011.
Snoop seems to be one of those people who can weather any storm and in fact turn it around to his benefit. In 2006, he was entangled in a lawsuit against Priority Records – suing them for over $2 Million dollars for royalty infringement. By 2010, the company hired him and gave him a seat on their Board of Directors. Similarly, past tax bills have been paid. Mr. Broadus was able to get a tax bill of over $400,000 with the State of California reduced to $285,000 and quickly paid the bill off in September 2011. Also, he paid off a $600,000 tax lien placed on him by the IRS for taxes owed from 2008 in 2011 as well.
The recent bite by the IRS of $546,000 tax lien and probably another $250,000 from the State of California seems to be an odd recurring event. While we are certain that Snoop will also pay this off – my hope is that he finds more reliable tax and business managers. If you realize that at least half of the amount owed is for penalties and interest – it’s just mind blowing to continue going this way. I can think of a thousand ways to spend/donate or save $300,000 every other year.
Here’s to a renovation of his tax planning team! Hint – hint… What do you think?