Beanie Sigel sentenced to 2 years in prison

[usmarin3]

I went to jail one for some driving shit, 8 hours was enough for me. I dont know how niggas act like jail is the place to be.

 

[cobbland]

SMH.

Beans was a personal favorite too.
=related

 

[Wild Self]

This, ladies and gentlemen, is what happens when you don't have to work for your dreams. You have no appreciation for your position at the end of the day and do nothing to preserve it.

Beans has been spoiled like an only child. Like many niggas that get worshipped for dumb shit. No way Beans can come back now.

 

[VulcanRaven]

Jay won.

 

[antarticp]

damn 10k in taxes paid on 3MILLION !!!!! smh im paying close to 10k in taxes per year and i dont even make nothing near that let alone near 1 million shit im not even near 100k but im getting there LOL

 

[blackrain]

"Nothing in the World is worst than wasted Talent" - Robert Dinero

Didnt kelis just get hit up for taxes? Why is this all happening around the same time?

Damn. These niggas needa start hiring accountants or get 1 as apart of they contracts

It really isn't his fault tho.... when you're signed to a label your an asset of the company and you're in debted to them. A lot of the times execs, ARs, etc. charge shit to the artist (asset) like parties, shows, jewellry, marketing dollars (especially if the album flop to save the label money and their own reputations at the expense of the artist SMH), kinda like if you have a business, you charge certain things to the assets and write those assets off to offset losses (a little more complex but you get the idea). That's why you see all these artists getting hemmed up with these tax issues. The IRS can't tell the difference, how Lauryn Hill aint drop no album in what a decade ? End up owing millions in taxes ?? Think about it.

It's not his fault, whoever was in charge of promoting his projects and helping his career at the time when these fees accumulated is an asshole for that shit and should be the one sitting in a can. Crazy how this isn't illegal - yet. This is another example of why rappers need to find good financial advisors and lawyers they can trust - not these bogus ass "HipHop lawyers" or "HipHop financial advisors" SMFH..... Beans can't do shit about it, he spent his life being an enforcer for niggas and just like an enforcer he ended up being the "cat's paws" for someone else's fuck ups.

Sad...... God Beanie Sigel did not deserve this.

Lauryn Hill admitted to not paying taxes though on some trying to avoid society shit....and she owed that money because her material still generates income and you have to pay taxes on that income

 

[GeE-757]

beanz is da perfect xample of how bein a bully doesnt pay.,.

 

[antarticp]

This, ladies and gentlemen, is what happens when you don't have to work for your dreams. You have no appreciation for your position at the end of the day and do nothing to preserve it.

So beans just woke up on the Roc and had to put in no work to get on the label

I recall him saying that he walked up, spit for Dame, and got his deal. Think it's even mentioned in a song where he says he never had to chase this dream and he feels sorry for those that did. Whatever the case, he never struck me as someone who grinded for a decade like DMX, Jay, etc.

This, ladies and gentlemen, is what happens when you don't have to work for your dreams. You have no appreciation for your position at the end of the day and do nothing to preserve it.

What makes you think Beans didn't work for his dreams?Don't let that "I'm not a rapper" shit fool you, Beans been trying to get on.he was in a group w/ Black thought before The Roots

See above. Never knew about the Black Thought/Beans thing though.

That was just rap lines to boost his image.Beans had been in the Philly scene for years.He was serious enough to have management which means he was pretty serious

your def right his story is alot deeper than just spitting for jay and dame and he was on... but he didnt have to go around selling cds and proving he could sell to get on ... he basically got on via talent and being connected with the right folks .... from what i heard him and black thought from the roots grew up together and were close friends .... that friendship right there is enuff to get sigel on faster than the average cat off the street .........

 

[antarticp]

10k on 3mill tho LOL beans was trying to get over someone gave him some advice and it sounded good to him ........ man if you making all that money man give the gov what they want ...... but i blame the drugs .... drug abuse will seriously compromise your income and your thinking when it comes to what to save and what to spend ........

 

[loch121]

This, ladies and gentlemen, is what happens when you don't have to work for your dreams. You have no appreciation for your position at the end of the day and do nothing to preserve it.

So beans just woke up on the Roc and had to put in no work to get on the label

I recall him saying that he walked up, spit for Dame, and got his deal. Think it's even mentioned in a song where he says he never had to chase this dream and he feels sorry for those that did. Whatever the case, he never struck me as someone who grinded for a decade like DMX, Jay, etc.

This, ladies and gentlemen, is what happens when you don't have to work for your dreams. You have no appreciation for your position at the end of the day and do nothing to preserve it.

What makes you think Beans didn't work for his dreams?Don't let that "I'm not a rapper" shit fool you, Beans been trying to get on.he was in a group w/ Black thought before The Roots

See above. Never knew about the Black Thought/Beans thing though.

That was just rap lines to boost his image.Beans had been in the Philly scene for years.He was serious enough to have management which means he was pretty serious

your def right his story is alot deeper than just spitting for jay and dame and he was on... but he didnt have to go around selling cds and proving he could sell to get on ... he basically got on via talent and being connected with the right folks .... from what i heard him and black thought from the roots grew up together and were close friends .... that friendship right there is enuff to get sigel on faster than the average cat off the street .........

From what I know The Roots success had nothing to do w/ him.The Roots were out yrs before Beans.Selling Cd's on the streets wasn't really the east coast's grind back then.The East Coast isn't big on indie rap like the south and West Coast

 

[c.b.b.]

Beanie Sigel said him and Black Thought used to rap together in elementary school or something like that. Probably wasn't a serious rap group

Sucks to get locked up at 38 when you're trying to revive your career.

At least the the album is done b4 he went in for us fans. I'll def be copping

 

[GettinLo]

Beans stay doing dumb shit

 

[kingofharts]

"Nothing in the World is worst than wasted Talent" - Robert Dinero

Didnt kelis just get hit up for taxes? Why is this all happening around the same time?

Damn. These niggas needa start hiring accountants or get 1 as apart of they contracts

It really isn't his fault tho.... when you're signed to a label your an asset of the company and you're in debted to them. A lot of the times execs, ARs, etc. charge shit to the artist (asset) like parties, shows, jewellry, marketing dollars (especially if the album flop to save the label money and their own reputations at the expense of the artist SMH), kinda like if you have a business, you charge certain things to the assets and write those assets off to offset losses (a little more complex but you get the idea). That's why you see all these artists getting hemmed up with these tax issues. The IRS can't tell the difference, how Lauryn Hill aint drop no album in what a decade ? End up owing millions in taxes ?? Think about it.

It's not his fault, whoever was in charge of promoting his projects and helping his career at the time when these fees accumulated is an asshole for that shit and should be the one sitting in a can. Crazy how this isn't illegal - yet. This is another example of why rappers need to find good financial advisors and lawyers they can trust - not these bogus ass "HipHop lawyers" or "HipHop financial advisors" SMFH..... Beans can't do shit about it, he spent his life being an enforcer for niggas and just like an enforcer he ended up being the "cat's paws" for someone else's fuck ups.

Sad...... God Beanie Sigel did not deserve this.

So HIM not paying HIS taxes is not HIS fault? WTF?

There could be a lot of reasons, would you pay for shit that someone else is responsible for ? If I was playing with your accounting to make your shit "look better" so you'd lose but the label saves would you be perfectly ok with paying for that ?? It's not entirely his fault, he most likely tried seeking attorneys and financial advisors but it just aint work out in the end.

Personally I think he just didn't have that kind of money laying around to pay the IRS in one shot, prolly easier if he do a bid instead of selling his masters, homes and whatever he got. But I'm not sure how the IRS operates in the U.S. or if they'd repo his shit if he couldn't pay them. Like King said some rappers may not even own any of their masters or could be on a profit sharing program so he may not have even had a choice or known.

"Nothing in the World is worst than wasted Talent" - Robert Dinero

Didnt kelis just get hit up for taxes? Why is this all happening around the same time?

Damn. These niggas needa start hiring accountants or get 1 as apart of they contracts

It really isn't his fault tho.... when you're signed to a label your an asset of the company and you're in debted to them. A lot of the times execs, ARs, etc. charge shit to the artist (asset) like parties, shows, jewellry, marketing dollars (especially if the album flop to save the label money and their own reputations at the expense of the artist SMH), kinda like if you have a business, you charge certain things to the assets and write those assets off to offset losses (a little more complex but you get the idea). That's why you see all these artists getting hemmed up with these tax issues. The IRS can't tell the difference, how Lauryn Hill aint drop no album in what a decade ? End up owing millions in taxes ?? Think about it.

It's not his fault, whoever was in charge of promoting his projects and helping his career at the time when these fees accumulated is an asshole for that shit and should be the one sitting in a can. Crazy how this isn't illegal - yet. This is another example of why rappers need to find good financial advisors and lawyers they can trust - not these bogus ass "HipHop lawyers" or "HipHop financial advisors" SMFH..... Beans can't do shit about it, he spent his life being an enforcer for niggas and just like an enforcer he ended up being the "cat's paws" for someone else's fuck ups.

Sad...... God Beanie Sigel did not deserve this.

the bolded is inaccurate tho, trust that the IRS can tell the difference

the real problem is many artists don't step their attorney game up

and many artists actually don't own shit or actually get paid, most times they living on the label's property sharing that shit with other artists...............see Death Row as an example

the IRS knows what's up, but they really don't give a damn cause niggaz are willing to sign a slave deal

Iuno, but how about show money or money from appearances right ? Most of those are paid up in cash, it'd be really hard to determine how much someone was getting if they was getting cash. But yo let me look into it a bit more tho. I was thinkin after I get more familiar with the subject maybe I'll make a thread on it. These niggas should NOT be losing out to the IRS like this......

yeah but it depends on what they claimed his sources of income were for them to determine his actual taxes owed

he might have gotten fucked for received benefits he didn't claim vs. the IRS actually trying to account for hard sources of income (cash, property)

it's a lil complicated to explain because I don't think they straight pay artists a salary

they prob do something similar to a partnership with the artist where the label has more ownership and receives more benefits..............and on something like that an attorney could easily keep an artist from getting screwed

but in either case, you can take the IRS to court over that shit, but more then likely Beans wasn't in a financial position to do so hence why he going to jail

I got curious about this since it's so many entertainers who get gaffled by the IRS.

This article cited:

Trusting the wrong financial advisors

Celebs are big target/Living Large

Erratic Pay Cycles and Receiving Windfalls (large sums at once)

Their Taxes aren't Automatically deducted

Rules for Tax Bills > 25K work against celebs
http://www.dailyfinance.com/2011/03/23/five-legitimate-reasons-celebrities-have-tax-troubles/