After accounts from a few months back reporting that Hip-Hop/soul queen Mary J. Blige was getting evicted from her NYC penthouse, TMZ reports the IRS has filed a tax lien for $3.4 million, which is the total unpaid taxes from years 2009, 2010, and 2011.
This comes on top of the singer’s already-extended debt: A year ago, her foundation The Mary J. Blige and Steven Stoute Foundation for the Advancement of Women Now (FFAWN) was hit with a suit that claimed the organization failed to pay back a $250,000 loan, and another by Signature Bank for slow pay on a $2.2 million loan. Then in February of this year, it was reported that Mary owed $901,769.65 in back taxes to the state of New Jersey alone.
And unfortunately, that’s not the end of it; Blige is also facing a pending lawsuit from The Bank of America, who claims she only partially paid back a loan for $500,000.
Mary hasn’t publically addressed her financial troubles, but last May, she addressed FFAWN’s financial shortcomings, holding to task those she put in place to manage the finances.
"The problem is that I didn't have the right people in the right places doing the right things," Mary said on a 2012 radio interview.
Mary J. Blige has been known for her powerhouse vocals and iconic style, but now she’s facing a hefty bill from the IRS that could severely limit her spending power. The R&B singer was recently handed a tax lien of $3.4 million by the Internal Revenue Service (IRS). It seems like they’re taking no prisoners when it comes to collecting what is owed!
This isn’t the first time Mary J. Blige has faced trouble with taxes – in 2014, she was hit with another massive lien of nearly $6 million due to unpaid state and federal income taxes between 2008-2011. This recent lien brings up questions regarding why these taxes remain unpaid and whether or not this will affect her career prospects going forward.
The news of Mary J. Blige’s financial woes are sure to leave fans questioning if their favorite artist can pay off such an enormous debt while still pursuing her music dreams. Read on to find out more about how exactly this situation came about and how Mary J. Blige plans to handle it moving forward!
Overview Of Tax Lien
The Internal Revenue Service (IRS) recently handed Mary J. Blige a $3.4 million tax lien for unpaid taxes from 2011, 2012 and 2013. This means that the IRS considers her debt to them as secured by federal law with priority over other creditors. A tax lien is an official notice given to taxpayers who have failed to pay their taxes on time or in full.
It’s important to understand what happens when you receive a tax lien if you find yourself in this situation. The first thing you should do is contact the IRS directly and work out a payment plan. You may also be able to negotiate filing extensions or other compromises depending upon your individual circumstances. Additionally, it’s possible to get the lien removed through various methods such as paying off the entire amount due, entering into an installment agreement, disputing errors in your return, or even negotiating a settlement offer with the IRS.
Regardless of which route you take, taking action quickly can help minimize further financial penalties from accruing while allowing you more time to resolve your issues with the IRS without having your credit score suffer too much damage.
Implications Of The Situation
A tax lien can have serious implications for both individuals and businesses. Not only does it affect the taxpayer’s credit score, but it could also lead to wage garnishment or seizure of property in order to pay off the debt owed. Additionally, banks may be less likely to lend money to someone with a tax lien due to its high priority status over other debts.
The situation Mary J. Blige is facing serves as an important reminder that taxpayers should stay on top of their taxes and make sure they are filing them correctly and paying what is due on time. Failing to do so could result in costly fines and fees which will need to be paid eventually, along with any interest on the unpaid amount. It’s always best practice to contact the IRS if you’re having trouble making payments or settling your debt – being proactive can help avoid additional financial problems down the line.
It goes without saying that receiving a $3.4 million dollar tax lien isn’t ideal, however there may still be options available for Mary J. Blige where she can work out a mutually beneficial agreement with the IRS If she takes action quickly and communicates her needs clearly.
Conclusion
The implications of Mary J. Blige’s $3.4 million tax lien from the IRS can’t be denied; it’s a serious financial setback for her. She’ll need to take specific steps to pay off this debt and get back on track with her finances, but doing so will require both time and resources that she may not have available right now.
It goes without saying that no one desires to owe money like this, especially when you consider the amount involved here and how much work would be required in order to pay it back. It also creates an obstacle in terms of being able to move forward financially since any potential savings or investments could end up going toward paying down the debt first instead.
No matter what happens next, though, Mary J. Blige should remember that she isn’t alone in dealing with these kinds of issues – millions of people out there are currently facing similar circumstances as well. With some hard work and dedication, hopefully she’ll be able to clear this hurdle and regain more control over her future finances once again soon enough.
