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Lil Kim IRS Tax Bill Bankrupts Net Worth after K. Michelle Instagram Feud? [RUMORS NEWS]

By Shane Jordan s.jordan@classicalite.com on Dec 21, 2014 08:31 PM EST

Lil Kim has more problems than just finding a new godmother for her daughter, Royal Reign, following her recent social media feud with K. Michelle. According to the latest gossip news updates, the hip-hop Queen Bee's net worth may be near bankruptcy thanks to the IRS finally coming looking for the reported $126K that she neglected to pay over the last four years. This couldn't come at a worse time for Kim, who in addition to losing the war of words on Instagram was recently ordered to pay more than $186K to her former lawyers. All that spells nothing but trouble for the diva, who is so strapped for cash that she asked her fans to buy her baby gifts online.

As of late Lil Kim seems to have had her hands full enough trying to deal with all the shade the would-be godmother, K. Michelle has been sending her way.

The feud kicked of anew when K. Mitchell went on Power 105's The Breakfast Club to insist that Lil Kim had in deed asked her to be the godmother of her child the very first time they met (via GOT):

"I swear for crackers and cheese -- God strike me down -- that girl asked me to be the godmother of her child. And I thought it was awkward myself."

Those remarks caused Kim to virtually blow a head gasket on Instagram, where she went in to depth explaining just how and why everything Michelle has alleged in nonsense:

"If what I'm about to say doesn't convince you of how much of a Looney Tune this chick is then I don't know what will. You ready for this one?!

"NO ONE EVEN KNEW I WAS PREGNANT AT THE TIME OF THIS PICTURE...NOT EVEN MY OWN MOTHER!!!!!"

Instead of getting involved in a long drawn out back-and-forth, K. Mitchell simply ended the online argument by implying via Twitter anyone that would ask her fans to by her baby gifts off the internet is not worth her time.

Apparently, Kim's money troubles are far from lil' as of late.

After being ordered to pay her former law firm a reported $189,217.93, Life & Style reveled in their latest December 29, issue that now Kim has to come up with another enormous sum to satisfy the IRS, or else:

"Documents show that the diminutive rapper, 40, owes $126,725.12 in back taxes to the federal government.

"The IRS slapped Lil' Kim with a federal tax lien, claiming the rapper failed to pay taxes in 2010, 2011, 2012 and 2013."

You would think one of those high-priced lawyers would have suggested Kim at least get Quick Books...if nont a proper accountant.

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TagsLil Kim, IRS, Net Worth, K. Michelle, Instagram, Feud, Rumors, News, Tax

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