Singer Dionne Warwick is bankrupt and owes $10 million in tax
Published: 2013 March 27 12:07:29 (3888 Views)
Singer Dionne Warwick is broke and owes more than $10 million in unpaid taxes according to the her rep.
The "Do You Know the Way to San Jose" singer filed for bankruptcy in New Jersey claiming she only had $25k in assets.
She owes more than $10.2 million in taxes and fees to the IRS and the State of CA.
Warwick's rep, Kevin Sasaki, says Dionne's financial disaster was caused by "negligent and gross financial mismanagement" in the late 1980s through mid-1990s.
According to the court docs, the 72-year-old claims she makes $20,950 but spends $20,940.
Warwick claims she only makes $1,000 per month from music royalties.
In the docs, the 5-time Grammy winner says she's still in possession of the following assets: 2 fur coats, 2 pair of diamond earrings, various gowns (worth $5000), living room furniture, dining set, bedroom sets, over 10 YEARS OLD
Warwick says she spends $5,000 per month on housekeeping and $4,000 per month on a personal assistant.
Sasaki said"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. These plans were not accepted, resulting in escalating interest and penalties."
- TMZ
The "Do You Know the Way to San Jose" singer filed for bankruptcy in New Jersey claiming she only had $25k in assets.
She owes more than $10.2 million in taxes and fees to the IRS and the State of CA.
Warwick's rep, Kevin Sasaki, says Dionne's financial disaster was caused by "negligent and gross financial mismanagement" in the late 1980s through mid-1990s.
According to the court docs, the 72-year-old claims she makes $20,950 but spends $20,940.
Warwick claims she only makes $1,000 per month from music royalties.
In the docs, the 5-time Grammy winner says she's still in possession of the following assets: 2 fur coats, 2 pair of diamond earrings, various gowns (worth $5000), living room furniture, dining set, bedroom sets, over 10 YEARS OLD
Warwick says she spends $5,000 per month on housekeeping and $4,000 per month on a personal assistant.
Sasaki said"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. These plans were not accepted, resulting in escalating interest and penalties."
- TMZ
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