Most people are ashamed to admit when they’ve been audited by the IRS or end up owing money for any reason, but most people aren’t Fat Joe.
Bronx raised Terror Squad rapper Fat Joe has admitted to facing jail time for accidental tax evasions from the years of 2007 & 2008 – a cost roughly totaling to $700,000. After pleading guilty to tax evasion in December 2012, Fat Joe made an appearance on MTV’s RapFixLive and spoke candidly about the situation.
Joe has taken responsibility for his actions but hasn’t accepted the blame for the position he is currently in. “At the end of the day, I’m paying all the money back that’s owed — actually I have and I’ma just go like a man, stand up,” he said, “You gotta understand we hire guys who are supposed have Harvard degrees to take care of us.”
Typically, whenever a new artist is signed, that artist will hire a team of financial scholars and accountants to handle all their money – incoming and outgoing. Although that may not be the best decision, this is one of the main ways artists think they’re protected and will never go broke. Not personally monitoring your money can get anyone into financial troubles, tax issues, or bankruptcy.(i.e. Lauryn Hill, Toni Braxton, MC Hammer)
“All the time you see artists, the first thing they did to you when you caught money was introduce you to a bunch of fancy guys with bow ties who are gonna take care of your money and all that and then you always see an artist or a celebrity or somebody like that goin’ down for it and these guys never go down for it.”
Joey faces up to two years in a federal prison for failing to pay the taxes from 2007-2008. Unfortunately his account will not be serving any of the jail time with him if he is found guilty. Do y’all think it’s right that Fat Joe should take all the blame for this? Shouldn’t accountants be held partially responsible? Comment below.