IRS To Garnish Nas' Wages From Album Sales Until He Pays Off $6 Million Tax Debt

 

Nas' new album Life Is Good is dropping later this year, but the rapper won't see a dime of the money that it or any of his other albums generates because the revenue will be going straight to Uncle Sam.

 

Nas owes the IRS (Internal Revenue Service) $6 million according to TMZ, so the government filed documents in Georgia to have the rapper's wages from record sales garnished via ASCAP and BMI publishing until the debt is paid off.


Looks like Nas will be doing a lot of touring just to survive in the next year or so.

 

 

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Tags: $6, Album, Debt, From, Garnish, He, IRS, Million, Nas', Off, More…Pays, Sales, Tax, To, Until, Wages

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Comment by Lee Davis on March 27, 2012 at 9:21am
I'm still at a lost as to how these guys continue in owing the government money. Especially these large sums. Even if you have an accountant, double check everything s/he does. It doesn't matter to the IRS who prepares the documents, it's still your name on it so make sure it's correct. Any self employed person knows how to prepare/check their taxes, most overpay just incase. I understand you can get caught in a technicality, but $6 million in a technicality? Unless you're Oprah or Trump, I just don't see that happening.
Comment by M.K.J... on March 26, 2012 at 8:13pm
MIGHT AS WELL,AS FOR NAS HE BETTER GET ON HIS GRIND ;)
Comment by yaki kadafi on March 26, 2012 at 7:58pm
wat more can i say
Comment by richard allan on March 26, 2012 at 3:50pm
Sorry if I wasn't clear. Nas can't "bypass" the IRS system but my assessment may stem from previous IRS dealings. If you own a successful organization or are a "big name" you can get a little flexibility from the IRS with a statute they have internalized known as the "IEP" or income earning potential statute. this is considered with high net worth individuals, popular entertainers and enterprise level execs. This allows the IRS to allow these people to continue working and generating income to pay off their debt. the thought here is that it's better for the IRS to allow them to do so than to seize this persons assets because by the time the IRS seiezes property, the person in question has had time to move money and liquidate high value assets to avoid paying the IRS. This allows the IRS some comfort in knowing that as long as the entertainer is alive and not in prison that there is a stronger chance they will see their money. Now, for the normal everyday person.....not a chance. You're sh!t is getting seized and you're going to jail. That is what I meant earlier.
Comment by 1THUG aka Tha NYCHA LEGEND!! on March 26, 2012 at 2:54pm
If only noz had tooken that beer endorsement...noz betta try to come out wit a energy drink called
Street queens!!
Comment by seanp07 on March 26, 2012 at 2:49pm
@richard allen...thats exactly what i said eirlier,his problem is with his accounant not him,how do you know waht taxes to pay when the GOV dont take out taxes,off of tour or show money??? Nas avg beteen 100K-200K a show,way more than he get off record sales..(and for all u ignorant heads RAPPERS DONT GET MUCH OF SALES!!!!)all of that money is tax free,he has to figure out himself what 40% off each show he has to pay back to the GOV.....thats why all u ignorant haters that dont no sht about money need to do your homework!!!!!
Comment by richard allan on March 26, 2012 at 2:14pm
A lot of people commenting here don't know the first thing about contractual law so I will give the ignorance a pass. This article states that the Gov't are garnishing his wages coming through Ascap and BMI but BMI won't be paying because Nas is an Ascap artist. So, Ascap will withhold Nas' publishing funds but the publishing is only paid based primarily on spins worldwide. Typically, that figure is .07 cents per spin, Ascap is Nas' publishing administrator so that means that Ascap likely gets 1/2 of Nas' publishing in lieu of a monthly fee. So, Nas is getting 3.5 cents per spin. Now, that's major dough if you're Lady Gaga or Jessie J but Nas' songs don't get a lot of radio airplay so there isn't going to be a ton of money generated from these albums to go to paying the IRS. Album sales are in the toilet now days for most artists so even if they go after the label that manufactures and distributes Nas' new album, it won't get a lot of money. That primarily leaves touring revenues as the target for the IRS but it's nearly impossible for them to collect on those unless they assign an IRS to go on tour with Nas to collect a pre-determined portion on a nightly basis and that's unlikely. Nas' main source of income at this point will be touring and shows unless he gets more acting work. My guess is that Nas will put together a big touring package to fill larger venues in an effort to knock this out quickly or start doing acting cameos on shows like Law and Order SVU etc for quick dough. The take away point is to make sure that no matter who you are.....pay your taxes. It's not like the old days anymore. The computer systems make it easy for the IRS to tally what you owe quickly because everyone's Tax ID number comes up whenever you make money now. There is no way to escape it. Pay your taxes and you will stay outta jail.
Comment by KEIZER SOZE on March 26, 2012 at 2:11pm
NAS never had a WINGMAN to blow up his career like JAY-Z had DAME ... PAC had SUGE ... B.I.G had P. SHIDDY ... JA RULE had IRV GOTTI ... 50 CENT had EMINEM & DR. DRE even though PAC & B.I.G are DEAD because of thier WING MANS (lol) PAC woulda never got out of JAIL if SUGE didnt pay the 1.4 MILLION to get him out & B.I.G woulda been BUSTED SELLING CRACK in NORTH CAROLINA or some s***
who did NAS have ... STEVE STOUTE (lol) thats not much of a WINGMAN & all them other dudes had CREWS
PAC had THE OUTLAWZ B.I.G had JUNIOR MAFIA
JAY-Z had STATE PROPERTY even though he wasnt in the group he still had BEANS & BLEEK & all them dude
50 CENT had G-UNIT EMINEM had D-12
JA RULE had the MURDERERS aka CADILLAC TAH - BLACK CHILD - ECT
NAS had what THE BRAVEHEARTS that he helped out & rode with for about 5 minutes & didnt do s/h/i/t/ with or for them
NAS still makes THE REALEST HIP HOP out of any of those dudes aka abouut REAL LIFE S/H/I/T not just MATERIALISTIC ITEMS & IM THE KING but his BUSINESS SKILLZ are the WORST (lol) but always getting F/U/C/K/E/D OVER by your EX-WIFE aka KELIS or just IGNORANCE on your own part he will NEVER have the PAPER he should have like JAY-Z - EMINEM - 50 CENT - ECT & will continue to still now enough STRUGGLE & PAIN to RAP about REAL S/H/I/T but
THE DON
is not what NAS is (lol) NAS is more like THE UNFORTUNATE CAPO or something like that & SALAAM REMI & HEAVY D are the MAIN PRODUCERS for LIFE IS GOOD ?? come on NAS how about THE ALCHEMIST - MARK BATSON - CHRIS WEBBER - TRACKMASTER - LARGE PROFESSOR - DJ PREMIER ???
Comment by WHOOOO on March 26, 2012 at 2:02pm
damn he should rethink his album title after this
Comment by NATE \m/ (-_-) \m/ on March 26, 2012 at 1:49pm
Uncle Sam still pimpin long after he gone nas gone clear that dedt though



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