Prison Doors Slam on Fat Joe for Tax Evasion

By Teresa Ambord
 
The other shoe dropped last week on Rapper "Fat Joe" (Joseph Cartagena), not that it came as a surprise to him.
 
Last December, Cartagena pled guilty to charges of tax evasion on income of about $3 million earned in 2007 and 2008. The tax owed comes to roughly $1 million, and he was ordered to pay a fine of $15,000.
 
Since his conviction, he has been free on bail and making a concerted effort to pay off his debt, including releasing a mix-tape series. On August 26, as scheduled, the forty-two-year-old rapper reported to a Federal Detention Center in Miami. He'll spend four months there, followed by a year of supervised release.
 
"I did everything I possibly can to correct the situation," the rapper said. "I paid them back. It wasn't entirely my fault. I had a new accountant for like the last four years. And then you could see that my accountant that worked for me for the fifteen years prior to that always paid my stuff on time, always had it on time."
 
Cartagena's attorney, Jeffrey Lichtman, said in spite of the incarceration, his client is feeling upbeat and is looking forward to getting this behind him and returning home just before Christmas. 
 
Related articles:
 

You may like these other stories...

IRS must take oath on Lerner emails: judgeMackenzie Weinger of Politico reported on Thursday that a federal judge ordered the IRS to explain under oath how it lost emails connected to Lois Lerner, the ex-IRS official at the...
The Republican-controlled House of Representatives passed a bill on Friday morning that would permanently extend the bonus depreciation tax break for businesses.The measure, HR 4718, which was crafted by Representative Pat...
The Republican-led House of Representatives is expected to pass a bill this week that would permanently extend the bonus depreciation tax break. But don’t expect President Obama to sign it.The Obama administration said...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.