fat joe gettin locked up for taxes vol....time to sell that stash

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YOU READ IT HERE FIRST: The rap artist and entrepreneur “Fat Joe” was sentenced today to four months in federal prison, a $15,000 fine, and one year of supervised release for failing to pay taxes on nearly $3 million in income over two years.

The platinum-selling rapper, whose real name is Joseph Cartagena, apologized to his family, friends and fans before U.S. Magistrate Judge Cathy Waldor handed down the sentence.

Cartagena, 42, admitted last December that he stiffed the government and later blamed his problems on “fancy guys in bow ties” who were supposed to keep watch over his finances. However, he took responsibility and said he would pay back what he owed.

Although he pleaded guilty for the two years, federal prosecutors said Cartagena actually failed to pay a total of $718,038 from 2007 through 2010 — which Waldor took into account during the sentencing.

Cartagena lives in Miami, Fla., but earned money through companies in New Jersey —Terror Squad Production Inc., Miramar Music Touring Inc. and FJTS Corp.

He remains free on $250,000 bail and must report to the U.S. Bureau of Prisons on Aug. 26 to begin serving his sentence.

Cartagena admitted he received gross income in excess of $1.18 million in 2007, in excess of $1.28 million in 2008, in excess of $265,000 in 2009, and in excess of $630,000 in 2010.

U.S. Attorney Paul J. Fishman credited special agents with the IRS Criminal Investigation unit with making the case, which was prosecuted by Assistant U.S. Attorney Joseph Mack of Fishman’s Healthcare and Government Fraud Unit.




Uncle sam gettin erybody.
 
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Gotta be them accountants man, I doubt all these celebs saying eff the government.
 

Sir San Diego

formerly brolic scholar
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Lien back.
You got me. But really, I hope he bounces back to form and get his money and family straight again. Hate to hear of dudes getting locked up for debt, but at the same time, when are dudes gonna learn that the IRS gets theIRS always? That why they are THE IRS.
 

Mark Antony

Supporter
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Joined Apr 30, 2010
Gotta be them accountants man, I doubt all these celebs saying eff the government.

For real though, how's this happen so often, and often it's minorities? it's like they just get an accountant and bow out of paying attention to their own finances.
 
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these celebs have to be some of the slowest people ever, dont they know uncle is going to get his cut one way or another
 
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[h1]18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. Taxes: CTJ[/h1]
Apple may be getting all the attention from lawmakers and the news media for its offshore tax practices, but a new report finds that other major companies are using similar tactics to avoid paying taxes on billions of dollars in profits.

At least 18 companies, including Nike, Microsoft  and Apple, are stashing profits in offshore tax havens  likely in a bid to avoid paying taxes, according to a new report from the Citizens for Tax Justice, a left-leaning research group. If the companies brought that money home, they would pay combined more than $92 billion  in U.S. taxes, the report found.

“It’s misguided to say it’s some unique thing that Apple has created," said Matthew Gardner, the executive director of the Institute on Taxation and Economic Policy, a research partner of CTJ. "A lot of big companies are very likely doing it.”

A Nike spokesperson declined to comment on the report. Microsoft and Apple didn’t immediately return messages from The Huffington Post seeking comment.

Apple came under fire last month after a Senate hearing revealed that the company paid just 2 percent in taxes  on $74 billion in profits by housing its money in an Irish subsidiary that hadn’t declared its tax residency anywhere in the world. Apple CEO Tim Cook told lawmakers  that the company pays “all the taxes we owe,” which, while technically true, offers an example of the larger issue of corporate tax avoidance that some lawmakers are targeting.

Companies like Apple are able to use loopholes to legally keep their money in other countries, and they don’t have to pay U.S. taxes on that money unless it comes back home. When a corporation brings money stashed abroad back to the U.S., it pays the difference  between what was already paid in taxes to the country where the money was previously held and the top U.S. corporate tax rate of 35 percent.

The companies on CTJ’s list disclosed in their filings with the Securities and Exchange Commission that if they brought their overseas profits back to the U.S. they would pay a tax rate above 30 percent, indicating that the countries where their money is currently housed have very low tax rates.

“When you see somebody estimated that we'd pay 30 percent or even 35 percent when we bring these profits back, that is an indirect admission  that they’ve paid nothing,” Gardner said. “There’s a very small number of countries in which you can pay single digits in taxes on your profits -- and those countries have an awful lot of beach front.”

Gardner noted it's likely there are more companies than those on CTJ’s list that avoid taxes by keeping their profits in other countries. The SEC offers companies two options when disclosing their U.S. tax rate for profits housed overseas: They can either estimate what their rate would be if they brought the profits back, or they can claim that it’s too complicated to figure out, Gardner said.

The companies that made CTJ’s list are those that offered an estimate, but there are 235 other companies  that told the SEC that they’re holding profits overseas but didn't disclose their hypothetical U.S. tax rate, according to the CTJ report. In total, these non-disclosing companies hold almost $1.3 trillion in non-repatriated profits abroad, CTJ found.

“In all likelihood the vast majority of these 235 companies could give you a good estimate of what they’d pay if these profits were brought back,” Gardner said. “The idea that they can’t just figure out what they’d pay if these profits were brought back is pretty laughable.”

Many of the companies discussed in CTJ’s report, including Apple, have pushed lawmakers to grant a holiday on taxes for corporate profits brought back home, or to move towards a territorial tax system that would allow companies to effectively pay no U.S. taxes on the income they earn abroad. Supporters of such proposals argue that adopting a simpler corporate tax code would make the U.S. a friendlier place to do business, while critics say the policies could cost America billions of dollars in tax revenue.

But Gardner said it’s difficult for lawmakers to assess those proposals when they don’t know how much companies are paying in taxes abroad.

“It’s asking an awful lot for Congress to evaluate these questions without having access to this basic information,” he said. “That’s the bottom line. Congress should have access to information that they currently don’t have access to.”

but yeah lets go for fat joe and blade
 
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stupid question but do you gotta report show/appearance money? i assume that a lot of the small venues dont draw up contracts and just break them off
 
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Got all that money and still don't want to hire professional accountants to fix their problems when they know they getting audited. :smh:
 
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