Well, now DMX (aka rapper Earl Simmons) is yet another High Profile Hollywood that is in the hot-seat from the IRS for tax fraud. He is in the ranks of many other high profile cases that either went to jail or were penalized for tax evasion. The list of celebrities include Martha Stewart (entertainer), Wesley Snipes (actor), Willie Nelson (song writer/singer), Nicolas Cage (actor) , Marc Anthony (ex-husband of Jennifer Lopez), Annie Leibovitz (photographer), Darryl Strawberry (baseball player), Boris Becker (tennis star), Richard Hatch (Survivor winner), and Heidi Fleiss (“Hollywood madam”).
They have tried it all. DMX used his manager’s bank accounts, Stewart failed to report income, Snipes used many ways to evade, Nelson had a bogus tax shelter….but the end was the same. These people thought they could get away with anything because of their fame, but Uncle Sam didn’t let their fame keep them above the law.
DMX faces up to 40 years for attempting to conceal over $1.7 Million in tax liabilities. He attempted to live “under the radar” by living a “cash lifestyle”. The prosecuting attorney Joon H. Kim said, “Celebrity rapper or not, all Americans must pay their taxes, and together with our partners at the IRS, we will pursue those who deliberately and criminally evade this basic obligation of citizenship.”
If you have any questions regarding income taxes, please feel free to contact us.