Fat Joe Owes the IRS Big Time

image via kyitl.com

Our most recent celebrity tax problem story features hip hop artist Fat Joe, best known for his 2001 hit “What’s Luv” which sampled Tina Turner’s “What’s Love Got to do With It.” No doubt Mr. Joe was at the top of his game back in 2001 and his stardom has been fading ever since. I only bring this up because he fits a familiar pattern: celebrities who get in trouble with the IRS tend to be those whose popularity (and earning power) is on a downward trend. Most of the time it has to do with the difficulty of adjusting one’s lifestyle to match the changes in income. Celebrities (just like anybody) have a hard time with this.

Fat Joe does not have a typical tax relief case. He’s being accused of a tax crime: failure to file returns for years 2007-2010. Right now he is a free man after posting $250,000 bail, but who knows if his tax attorney will be able to keep him out of jail. If you’re familiar with this blog, then you know where Fat Joe went wrong; he violated the cardinal rule: “Always file your taxes every year, even if you know you’re going to owe and can’t pay it.”

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