Sinbad (David Adkins), known for being a stand-up comedian and actor, is having some serious financial problems. On December 11th Sinbad filed for chapter 7 bankruptcy and reported that he had between $11 million and $49 million in liabilities. Of those liabilities, it is reported that he owed $8.2 Million in Federal back taxes.
Sinbad has had several tax liens placed on his assets for taxes he has owed since 1998. The IRS wants to begin to levy Sinbad’s assets but it seems he is doing a good job at keeping assets out of his name in order to prevent this.
One example is a $1.5 million home in California that is registered under his brother’s name, but all payments made towards the home are made by Sinbad’s company or his own personal checks.
Look for more updates on this actor because there seem to be some fishy situations going on here and owing this much in federal back taxes will not be overlooked or taken lightly. The IRS is known for making examples of famous people in order to scare others into paying their taxes. This possibly could be one of those cases.
Sinbad Stand-up Comedy
This post was published on December 19, 2009