Singer Aretha Franklin is Getting No Respect from the IRS
The Queen of Soul, singer Aretha Franklin, passed away in 2018 leaving her four sons with nearly $8 million in Internal Revenue Service (IRS) debt. Aretha Franklin's estate, her four sons and representing attorneys, have reached a deal with the IRS to pay down their mother's IRS debt, but it has a hefty price tag.
The IRS hasn't shown Franklin the respect she sang about in 1967. Shortly after Franklin's death in 2018, the IRS showed up wanting their money, $7.8 million to be exact. This included unpaid income taxes, interest and penalties.
Today, the family has reached an agreement with the IRS that would allow for a rapid payback or what the legendary singer owes the IRS and give the family spending money as well.
Since Franklin's death, the family had managed to get the owed sum down to just under 5 million at the beginning of 2021. The new deal with the IRS will allow the federal government to take 45% of Franklin's earnings from song royalties, licensing agreements and other income.
In conjunction, the IRS has demanded Franklin's estate put 40% into an escrow account. That money would pay future taxes and give her son's a little spending money.
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