Truth rating: 10
2:28 pm, March 26th, 2013
(GettyImages.com)
Dionne Warwick owes $10 million in taxes and has filed for bankruptcy.
In official documents, the Grammy-winning singer lists approximately $25,500 in assets and more than $10.7 million in liabilities, including $10.2 million in back taxes and fees owed to the Internal Revenue Service and the State of California.
Warwick’s debt catastrophe is the result of “negligent and gross financial mismanagement” in the 1980s and 1990s, according to her rep.
“In light of the magnitude of her tax liabilities, Warwick has repeatedly attempted to offer re-payment plans and proposals to the IRS and the California Franchise Tax Board for taxes owed,” said the spokesperson. “These plans were not accepted, resulting in escalating interest and penalties.”
The performer’s average monthly income is documented at $20,950, while her expenses average $20,940.
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