Taste Clothing Boutique
Bow Wow & mother Teresa Caldwell
Hard times have hit the mother of famed rapper Bow Wow as the tax man has seized her posh Atlanta Boutique. Georgia State police along with agents from the Georgia Department of Revenue took legal possession of the business belonging to Teresa Caldwell aka Shad Moss last night.
Customers attempting to enter Taste Boutique
Court Order
As customers made attempts to enter the store they were surprised to learn that the store was closed for business. One customer stated” I always shop here; I can’t believe that they are out of business”. Adam Jones, a private investigator from Chicago stated that “you can’t get away with cheating the government; it will eventually catch up to you. “
Hiphopblog’s Rocky Williform discussed the issue of hip hop artists being the target of an IRS dragnet focusing on collecting back taxes and unreported revenue:
This “issue management team” was formed in 2007 with the goal of scrutinizing unclaimed tax money from athletes and entertainers in the United States and HipHopBlog.com’s confidential source confirmed that the unit has informally been around for years, but is now a focused, specialized task force.
“Information and intelligence is being collected on an ongoing basis; from listening to lyrics and interviews to reviewing magazine and newspaper clippings in an effort to identify financial discrepancies,” says the department official. “Its what is referred to as a ‘paper trace’—and rather than target a certain person; it was created specifically to hone in on cash transactions within the industry.” And the results have been obvious.
Earlier this year, it was revealed that former Death Row Records head Suge Knight owes more than $6 million in back taxes and rapper Lil Wayne reportedly owes the IRS $1.1 million. Rappers like Eve, Fat Joe and Method Man have faced charges for back taxes owed. Film star Wesley Snipes recently lost his appeal of a federal tax evasion conviction, and earlier this month, it was reported that actor Chris Tucker owes the federal government $11 million. Just this week, the home of rapper Young Buck was raided by federal agents due to unpaid taxes.
Cash Money Records Birdman Shows off his
2.5 million Dollar Bugotti he just purchased
The apparent disparity in Diddy’s net worth as alleged on a national news program, Brian “Birdman” Williams’ alleged oil well in Oklahoma–these are the types of under-reported assets and discrepancies that only bring scrutiny from the I.R.S.–and the I.R.S. is most definitely watching. In 2009, Birdman famously bragged to several publications/websites that he and Wayne earned more money than Jay-Z. If that is the case, is it being reported?
Financial hardship has hit so many Americans so it should come to no surprise that famous people are not exempt from the decline in the economy. We hope rapper Bow Wow’s upcoming movie “Lottery Ticket” can help his mother out of her financial woes.
Source: Sandra Rose.com / photos by Dennis Byron
