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Yolanda Adams IRS Investigation: Yolanda Adams IRS Audit

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March 7th, 2008 by Castina

Tagged as: Yolanda Adams


Gospel queen and syndicated radio host Yolanda Adams is being investigated by the Internal Revenue Service. The forty-six year old star is under court order by a federal judge to turn over her financial records for 2000, 2001, 2003 and 2004, after failing to show up for an appointment last month to clarify her financial affairs. The IRS has demanded information on the singer’s endorsements and royalties.

The audit was prompted by two 2005 loan applications that listed conflicting information on the Grammy Award winner’s finances.

On a 2005 loan document Yolanda listed that she earned $40,000 a month and listed $8 million in assets, along with an $800,000 trust account, $4.9 million in other personal holdings and jewelry valued at $1.5 million; she claimed ownership of a Lexus and a Hummer. A Chase home loan application, filed that same year, listed $3 million in assets, including a business worth $1.5 million, a Mercedes-Benz and a Range Rover.

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