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Lounge => General Discussion => Topic started by: Lazarus on September 01, 2016, 07:42:11 PM

Title: Rapper Nelly Is In Hot Water With The State Of Missouri Over Taxes
Post by: Lazarus on September 01, 2016, 07:42:11 PM
Quote
The state of Missouri has filed a lawsuit against rapper Nelly for over $150,000 in unpaid state taxes. The state is seeking to seize the singer?s banks accounts to recover the debt.


Official documents show that the Department of Revenue had gone a step further to file a lien against the rapper, whose real name is Cornell Hayness II, accusing him of withholding a sum of $149,511.69 in 2013 taxes.

According to the lien, the original amount Nelly owed in taxes relating to the year was $113,533, but the amount has since shot up due to an interest of $7,590.94 as well as costs and fees amounting to $28,383.25.

The document clearly states that the lien will cover all of Nelly?s assets and property until such a time that he pays up all the amounts he owes to the agency. Should he fail to clear the debt quickly, the department will move in to seize his assets to recover the debt.

After a long wait, the Department of Revenue got tired and filed a lawsuit earlier this year in an attempt to garnish all his bank accounts so as to recover the money in back taxes, fines and related costs.

It?s only recently that the revenue department released executions of garnishments to the rapper?s bankers, The Business Bank of St. Louis and US Bancorp Investments Inc. The two banks are yet to react to the demands that expect them to hand over the amounts in the rapper?s accounts to the Department of Revenue.

The case is still in court and is expected to stay put as the department tries to recover the amount owed.

Nelly is best known for his hits ?Air Force Ones,? ?Dilemma,? and ?Hot in Herre.? Apart from his music works, Nelly is also an actor and entrepreneur. The rapper has money coming in from different sources and it would be demeaning to believe that he can?t sort out the debt issue. Why he?s not paying up isn?t clear just yet, but with the determination the Department of Revenue has on recovering the money, it appears the rapper might not be able to skip the bill.

According to garettereview.com, the rapper has a net worth of $60 million in 2016.

Nelly is also known for getting involved in philanthropic works. He founded 4Sho4Kids Foundation in 2003. The non-profit helps children, especially those suffering from addiction or disability.