News: Sean "Diddy" Combs' Tax Records Leak Online
Sunday, Jul 26, 2009 12:00PM
Hip-Hop mogul Sean "Diddy" Combs has reportedly had a tax lien in excess of $7,000 filed against him in relation to one of his restaurants, Justin's.
Puff's records landed online early Saturday (July 25) morning.
The Internal Revenue Service has rapped the knuckles of music mogul Sean "P. Diddy" Combs, whose Atlanta eatery Justin's Restaurant owes $7,373 in federal taxes, records show. The restaurant, named in honor of his son, opened in 1998 and specializes in upscale Southern and Caribbean cuisine. An identically named restaurant in New York City closed a few years ago. (TMZ)
However, Diddy has already addressed the issue according to reports.
Combs' spokesman blamed the tax debt on a series of errors. First, the IRS was sending notices to the restaurant's old corporate address in New York -- one which hasn't been used in about 10 years. "The new address was on file with the IRS, so it is surprising this happened," the spokesman said. Second, the company that handles payroll tax payments for Justin's apparently underpaid the IRS for taxes in 2007. After being notified about the lien by The Tax Watchdog, Combs' representatives scratched out a $7,373 check, which should arrive today, the Combs spokesman said. (Detroit News)
Puff recently made headlines earlier this month after landing on Forbes' annual Hip-Hop Cash Kings List.
Jay-Z raked in a reported $35 million starting in June 2008, from touring and other business ventures. Although his earnings were down substantially from last year's $85 million, he still managed to edge out fellow mogul Sean "Diddy" Combs, who came in at No. 2, with $30 million. Third place went to Kanye West with a respectable $25 million, earned through profits from his 808's and Heartbreaks album and 'Glow In The Dark' tour. 50 Cent landed at No. 4 with approximately $20 million, a steep drop from $100 million in 2007. (The Boom Box)
Other New York rappers including Lil Kim and Method Man have also had tax issues as of lately.
The repo man got Method Man. The state Department of Taxation seized a 2008 Lincoln Navigator belonging to the rapper and member of the Wu-Tang Clan, who failed to pay $52,503 in personal income taxes. The luxury SUV was taken at 6 a.m. Wednesday (March 18) from Method Man's Staten Island, New York home. (New York Post)