The Internal Revenue Service recently filed a tax lien against rapper Tyga, after the musical artist did not meet his tax obligations in 2009, 2010 and 2011. From what it sounds like, Tyga is having some money issues, as he is currently being sued by a club promoter for breach of contract and he is also facing a vast amount of debt due to his landlord.
The rest of our source article goes to great lengths to detail all of these money issues, but little detail is paid to the tax lien. If there is one lesson we can learn from this story, it is that any person, even a rapper, musician, or celebrity, can struggle with money.
What this story makes us think about, though, is the severity of tax liens and how these issues need to be addressed seriously (by anyone unfortunate enough to have a tax lien on their record). Tax liens will wreak havoc on your financial life, and it will make it very difficult (if not impossible) for you to obtain new lines of credit while the lien is active.
A lien is effectively a notice that tells the individual that they owe the IRS money. But the notice goes a step beyond just letting the individual know they owe money. It also lets other financial institutions and organizations know about your debt too. Thus, those institutions will not help you as a result.
If you have a lien on your record, you need to deal with it in a timely and effective manner, otherwise it can do real harm to you and your reputation.
Source: azcentral.com, “Tyga hit with tax lien,” Sept. 20, 2015