Thursday, March 13, 2008

IRS Looks Into Yolanda Adams

GRAMMY award-winning and gospel superstar Yolanda Adams has a big battle on her hands. It's not just the Lord's battle either. This time, it's serious business as the Internal Revenue Service (IRS) launched a probe into Adams' financial records from as far back as 2000. According to the Houston Chronicle, the Houston native failed to keep an appointment ordered by the IRS to explain her financial affairs and to determine Adams' tax liability and how the agency would collect on the debt.

The investigation surrounds the two million-dollar mortgage loan applications filed by the singer, where there were inconsistencies listed in her assets.

A 2005 Ocwen application said Adams earned $40,000 a month and listed $8 million in assets — including an $800,000 trust account, $4.9 million in other personal holdings and jewelry worth $1.5 million. That document said she owned a Lexus and a Hummer.

A subsequent Chase home loan application listed $3 million in assets, including a business worth $1.5 million, a Mercedes-Benz and a Range Rover. She owns a home worth more than $2 million in Houston's Royal Oaks Country Club subdivision.

The agency also wants details about her endorsements and royalties as well as music companies and foundations with whom she is affiliated.

Houston entertainment lawyer and Adams' attorney Ricky Anderson said that he was unaware of the lawsuit and declined to comment until he could look at the IRS filings and reach Adams, who was being featured on a gospel cruise to the Bahamas.

According to sources, she failed to appear with the IRS on Feb. 5 because she decided to appear on her syndicated morning show.

Earlier this year, the agency issued a summons that required Adams, 46, to bring financial documents for the last six years to Houston's IRS office in February and answer questions. When Adams missed her appointment, the government asked the court to force the entertainer to cooperate. She is scheduled to appear in court next month.

Let's hope she doesn't do a Bobby Brown by dodging the heat. The morning show can wait.


1 comment:

oneazariah said...

Its amazing that taxes seems to be the downfall of so many black entertainers. This is ridiculous! I'm saddened but not shocked,this has been a problem for over a century.