It has been recently reported on TMZ that local resident Shad Gregory Moss, known as Bow Wow the Internal Revenue Service additional taxes for the years of 2008 and 2010. Originally, he owed over 91, 000 for tax year 2006. Although, Bow Wow has had revenue from film roles and music since this time, these taxes remained unpaid, resulting in an IRS tax lien placed against his Florida property.
He has a new album, Underrated, scheduled for release on March 13, 2012. Successful sales should provide him with the income to take care of his growing tax debt once and for all.
Of course, he joins an illustrious group that includes Atlanta’s own Chris Tucker, who owes over 11.5 million dollars for several tax periods, which include his huge 20 million dollar pay day in Rush Hour 2, with a an unprecedented $25 million salary to appear in Rush Hour 3, which at the time made him the highest paid actor in Hollywood. Those days appear to be far behind Mr. Tucker, who has not had a major movie role or project since 2007.
Not to be outdone, the Osbournes found themselves owing over 2 million in back taxes to the IRS for the tax periods of 2008 and 2009. Reality show star and host Sharon Osborne states that she was “too involved with herself” to meet with her accountant.
Last but not least, Nicholas Cage, who has brought in major bucks for many years, appearing in movies roles consistently since 1992, found himself in hot water over unpaid gift taxes. For those of you that are not familiar with how gift taxes work, it is a tax paid by the donor, not the recipient, of a gift at the rate of 35%.
Generally, one is allowed to make gifts tax free within a certain dollar range, but Mr. Cage consistently exceeded these figures from 2004 to 2009, resulting in a tax bill in excess of 600 thousand dollars. He blamed his business manager on his tax woes, which also include losses to his overall income due to risky and reckless investments.
For more information:
http://www.tmz.com/2011/10/15/chris-tucker-irs-tax-lien-millions-active/
http://www.tmz.com/2011/11/27/bow-wow-taxes-irs/
http://www.tmz.com/2011/04/15/nic-cage-irs-extravagant-gifts-gift-tax-li...
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