More Tax News - October 7, 2010

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Toni Braxton owes IRS, Files Bankruptcy Singer and songwriter Toni Braxton, is said to be owing the IRS and various other parties between $10 million and $50 million in total and intends to fle for Chapter 7 bankruptcy, this time in California. This will be the second time Braxton, 43, has fled for bankruptcy.

In 1998, the multiple Grammy winning singer fled for bankruptcy for the frst time arising from what she claimed to be ‘money mismanagement’. On that occasion, the IRS fled a lien against the singer for $3.9 million. Two of her Grammies were sold to pay off her debts.

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