- Days left

Rapper Nas owes the Feds big

Hip Hop is DeadControversial rapper Nas has another battle to fight these days. In addition to a very public divorce with soon to be ex-Kelis, Nas has landed himself in hot water with the IRS.

Nas, who has already been ordered to pay Kelis $44,000 per month in child and spousal support, plus attorney's fees and other costs, has apparently not been making payments to the IRS. The result, according to gossip site, TMZ, is that a federal tax lien has been filed against Nas for an astonishing $2,584,206.31. Reportedly, Nas, born Nasir bin Olu Dara Jones, has not paid his federal income taxes for 2006 and 2007.
Those years were good for Nas on the career front. After ending his highly publicized feud with Jay-Z, Nas went on to sign a label deal with Jay-Z's Def Jam Records in 2006. His first album with Def Jam, Hip Hop Is Dead, featured work from will.i.am, Kanye West and Dr. Dre and debuted at No. 1 on the Billboard 200 chart. The following year, Nas released a greatest hits compilation and began talks for a merchandising deal with Fila, which he landed in 2008.

His success did not go unnoticed, at least by the IRS. A tax lien gives the IRS a legal claim to a taxpayer's property as security for an existing tax debt. Prior to filing a lien, there's an assessment of tax liability. The IRS then sends a demand notice for payment. If payment isn't made in full, a lien will be filed and becomes a matter of public record.

As of today, Nas has not released a statement regarding the tax liens or expected payments.

Increase your money and finance knowledge from home

Banking Services 101

Understand your bank's services, and how to get the most from them

View Course »

Managing your Portfolio

Keeping your portfolio and financial life fit!

View Course »

TurboTax Articles

Will Medicare/Medicaid be Impacted by ACA?

The Affordable Care Act put in place significant tax-related programs that impact Medicare and Medicaid, such as increased Medicare taxes on earned and unearned income for high-wage earners, and Medicaid changes that increase the number of insured individuals. Establishing whether you are affected by the ACA-imposed taxes, or are eligible for certain health programs that fall under the Centers for Medicare and Medicaid Services, is determined by filing your income tax.

8 Things You Think Are Tax Deductible That Aren't

There?s a fine line between looking to save money on your taxes and taking deductions that will raise eyebrows at the Internal Revenue Service. Some taxpayers are tripped up by expenses that they assume are tax deductions, but don?t qualify under IRS guidelines. Here are a dozen items that can lead to unpleasant surprises in case of an audit.

Essential Tax Forms for the Affordable Care Act

The Affordable Care Act (ACA), also referred to as Obamacare, affects how millions of Americans will prepare their taxes in the new year. The law now includes penalties for all who haven?t obtained health insurance -- and those penalties are expected to be paid at tax time. The ACA also provides tax credits to help people pay for insurance, and you can claim those credits when you file your taxes. The Internal Revenue Service (IRS) has introduced a number of tax forms to accommodate the ACA.

How to Determine if You Have Minimum Essential Coverage (MEC)

The Affordable Care Act, also known as Obamacare, requires most Americans to have health insurance that meets a government standard known as "minimum essential coverage," or MEC. Whether your insurance qualifies as MEC depends not on the plan itself, but on how you obtained your coverage.

What are 1095 Tax Forms for Health Care?

In 2014 the Affordable Health Care Act, also known as Obamacare, introduced three new tax forms relevant to individuals, employers and health insurance providers. They are forms 1095-A, 1095-B and 1095-C. These forms help determine if you need to comply with the new shared responsibility payment, the fee you might have to pay if you don't have health insurance. For individuals who bought insurance through the health care marketplace, this information will help to determine whether you are able to receive an additional premium tax credit or have to pay some back.

Add a Comment

*0 / 3000 Character Maximum