Hendersonville,
Tenn.
(August
30, 2010)
By
WebCPA Staff
The Internal
Revenue Service seized a movie poster of the Al Pacino remake of
“Scarface,” along with a Breitling Bentley wristwatch, when it
raided the home of rap singer Young Buck earlier this month.
The IRS raided the 29-year-old hip hop performer’s home in
Hendersonville, Tenn., on Aug. 3, and removed tens of thousands of dollars
worth of property, according to recently unsealed court records cited by The Tennessean.
The IRS claims he owes over $300,000 in delinquent taxes for 2006-2008, and
that he failed to make payments after he was thrice notified of the tax debts
in 2008 and 2009. His lawyers filed a motion in July to protect the assets, but
that did not stop the raid.
Other confiscated items included platinum records, recording equipment,
video game systems, computers, jewelry and furniture.
Young Buck, whose real name is David Darnell Brown, blamed his accountants,
lawyers and managers when he described the IRS raid in a statement earlier this
month.
“This IRS situation came about because I trusted accountants, lawyers
and managers to handle my business for me while I focused on making
music,” he said, according to MTV News. “From now on, I am going to stay on top of
my own business.”
Brown also described some of the other items seized by IRS agents, including
property belonging to family members. “The worst part of this isn’t
the material stuff — that will all be replaced,” he wrote.
“It’s what it does it does to the people around me. They took my
kids’ PlayStation, my assistants’ computers, and baby’s
mother’s jewelry. They took my home studio, so I can’t even
record.”
Brown also faulted his record label for not taking better care of his
financial interests. He has been in a long-running legal battle to sever his
contractual ties with fellow rapper 50 Cent’s G-Unit Records, which
prevented him from releasing his own songs after he was ejected from 50
Cent’s group G-Unit in April 2008. He reportedly has just recently been
released from the contract and plans to announce the news, according to the
website HipHopDX.
“I have a new team in place, but I am also paying full attention
now,” he said in the statement he released after the raid. “Nothing
like this will ever happen again. This is a huge wake-up call for all
entertainers to stay on top of your own trusted employees and team members, and
replace anyone that was put in place by your record label if the situation you
have goes sour.”
