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Former Fugees member Wyclef Jean is reportedly broke, according to his business manager.
The Smoking Gun reports that the entertainer, who only a couple of years ago tried to run for the Haitian presidency, reportedly is in debt to Uncle Sam to the tune of $2.9 million in tax liens.
Through a confidential agreement that was drawn up, the international 44-year-old Haitian ambassador reportedly said he would fork over $100,000 to entertainment law firm Shukat Arrow Hafer Weber & Herbsman to settle an outstanding bill of $133,000. Jean, according to The Smoking Gun, was requested to satisfy his outstanding debt with the law firm via two installments: $10,000 by last August 1 and another $50,000 by the end of last year.
According to the alleged agreement, if Jean made the two payments totaling $60,000, the law firm would waive $40,000. If the entertainer, however, failed to make good on the agreement, an additional ten percent annual interest would also get tacked on to the $100,000. Jean did not make any payments to the firm, according to The Smoking Gun. His accountant, David Levin, reportedly sent out an email in January to the celeb’s creditors stating, “in my most professional verbiage…there ain’t no money.” The email was sent out in response to the law firm’s threats of impending court action against Jean.
Levin reportedly told the legal eagles to go ahead and “file it” and they did. Now, Jean reportedly owes the firm $102,027.40.
He has had other money woes in the past as well.
Following the Haitian earthquake, Jean was questioned about the handling of the finances of his nowdefunct charitable organization, Yele Haiti. The non-profit foundation collected over $16 million in donations following the series of earthquakes that decimated the island’s capital city, Port-Au-Prince.
Yele Haiti closed its doors in 2012, leaving a parade of upset creditors in its wake.
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Another 3 letter not to mess with is USA...
@Dre yes greatest hit is always cash money without all that work just remaster
@Dre you are right on the money bro, they cant wait for him to walk in unless he is still under contract with columbia than all he has to do is release some new material and get an advance
@ Incognito thanks yes thats how i file my taxes after taking a course in my accounting class i learned how to do it my self, i walked in to h and r block with an envelope full of receipts the guy told me it would cost me $700 , i was like the hell im not went home called my sister than was advise to use the tax software which are qualified by the irs since most transaction are done electronically these days its much easier to do the tax so i do the schedule c but it takes me two weeks to get all receipts done including adding and another week to file so i am still doing it since i live in one stated and do business in two other states, i see why they charge so much this s*** is a damn stress but it worth every penny the IRs and as a special relationship the best way to borrow money a bank will not give you lol, too bad i cannot give out my secret, if im gon owe or go to prison i better be aware of it or expect it
he was the same person driving expensive tricked out cars, now he's broke, I guess the oil well dried up.
@Lyne - Thanks, and I agree 200% with your comments...
@ Mr 1Stroke - great question. I'll say it depends on what type of business entity a person has that determines how they file. Basically the situation is this, if you NEVER incorporated your business (as a C-Corp, S-Corp, or LLC), then you will report your business transactions on tax form Schedule-C of the 1040. Form Schedule-C is what most self-employed folks use to report their business expenses. Again, you use this, if you don't have an incorporated business, which means you don't have an EIN (tax ID #).
By the way, when you use a Sch-C, that means you file your business and individual return as ONE. It's all done together.
Remember, folks must organized their business receipts, and expenses. Do NOT walk into a Tax Professionals office with a bag or box full of unorganized receipts - they hate this, and will charge folks a lot extra to sort it out. Take the time, and list out all revenues (cash & checks received) and expenses, and ALSO give them your MONTHLY bank statement you use for the business.
Of course if your Taxes were prepared by another Tax Preparer in the prior year, you should provide a copy of that Tax Return so that they know what happened the year prior.
For all other Businesses, the Tax return is done SEPARATELY from the individual return. So
By the way, this goes for small companies or Billion dollar corporations...
I strongly recommend that anyone with business revenues in excess of $10,000, especially if you have one or more employees, you should incorporate your business, and get an EIN# from the IRS. It cost between $300 to $700 to get it, but it can save you a whole helluva lot more money and pain.
Hope that helps... Of course feel free to share with others...
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