Dionne Warwick files for bankruptcy over $10 MILLION tax debts dating back 20+ years

[pwaldo]

http://www.dailymail.co.uk/news/arti...-20-years.html

Grammy Award-winning singer Dionne Warwick has filed for bankruptcy because of $10.7million tax debts stretching back more than 20 years.

The 72-year-old's publicists said yesterday the star had filed for bankruptcy in her native New Jersey, citing tax liabilities attributed to financial mismanagement.

Warwick, best known for the 1968 hit Do You Know The Way To San Jose?, listed her total assets of $22,500 and total liabilities of more than $10.7m.

It is made up almost entirely of tax claims by the Internal Revenue Service and state of California, which total more than $10.2 million and mostly date from the 1990s.

Publicist Kevin Sasaki said it was due to 'negligent and gross financial mismanagement' in the late 1980s through mid-1990s.

Mr Sasaki said the actual back taxes owed had already been paid, but the penalties and interest has continued to accrue.

He added: '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.

[ajcorleone]

Guess she did not see this in her future

[duane1969]

Exactly how does someone as famous as her avoid paying taxes for 20 years? Wesley Snipes got 3 years for 3 misdemeanor convictions on failing to file taxes. Will Warwick face 20 years?

[Wickabee]

This matters why?