Beanie Sigel Pleads Guilty for Tax Charges + Where Did His Money Go?

Another celebrity has been charged for failing to pay taxes. This time it’s rapper Beanie Sigel. On Tuesday (August 9th), Beanie pleaded guilty to not paying taxes on some income he earned from 2003 to 2005. The amount of unreported income he received during those 2 years equaled about $1million which means he was supposed to pay $350,000 to the government. Now that he has confessed, he has a sentencing court date on November 18th. It is predicted that he will be sentenced to 3 years in prison.

Beanie’s attorneys suggest that the court may have calculated Sigel‘s charges incorrectly. Fortunato Perri Jr. (Beanie’s attorney), told MTV News, 

“We intend to raise issues at the sentencing hearing, which we believe will change those loss figures.”

It is hoped that Perri‘s objections will lessen the amount of time that Sigel has to spend behind bars. Unfortunately, now is not a good time for Sigel to be in this financial mess (actually there’s never a good time for anyone to have these type of financial challenges) since he recently admitted that he hasn’t made much money from his rap career at all. Earlier this summer on Rap Fix Live he explained,

“The clothing line, it was my idea. The State Property line, I only owned 20 percent of that, it was my idea. I brought that to the table. I brougt the movie scripts which led up to all those movies. [But] people don’t know we only got SAG wages, we aint get no money from that.”

The State Property group Sigel is referring to was a group of Pennsylvania artists signed to Jay-Z‘s Roc-A-Fella label that Beanie and the rapper Freeway organized. Members were Peedi Crakk, the Young Gunz Chris, Neef, Oschino and Omilio Sparks. Together, the group members produced music as well as a clothing line and the movies “State Property” and “State Property 2.” SAG wages are wages that the Screen Actors Guild union pays performers to ensure that they get an acceptable amount of compensation, good benefiits and suitable working conditions for their work. (I think… If I understood the definition correctly) Apparently those SAG wages weren’t enough and Beanie feels as if he did not earn what he should have from all of his business ventures. We hope the best outcome results from his November court date. :)

-@Kami2Kute