Tax Fraud – Don’t be like Fat Joe
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Tax Fraud does not pay. Just ask Fat Joe
The rap artist “Fat Joe pleaded guilty to failing to pay taxes on nearly $3 million in income he earned over two years for performances and music royalties. Joe, what were you and your advisers thinking dude.
Joe is a platinum-selling artist whose real name is Joseph Cartagena.
He was once a Billboard chart topper with hits like the duet “What’s Luv” with the R&B singer Ashanti.
Joe Fat Cartagena entered the plea in federal court in Newark because some of the companies he earned money from are incorporated in New Jersey so the tax venue who be right in the Garden State.
The 42-year-old Miami Beach, Fla. resident entered pleas to two counts covering years 2007 and 2008.
His federal sentencing will take into consideration the government’s initial allegation that he failed to pay income taxes for years 2007 through 2010. Federal prosecutors said the total tax loss to the government for those four years was $718,038. Yes Fat Joe was a Fat and east target.
In court, Cartagena looked fit and considerably slimmer than the former size that had earned him his rapper nickname. ” Fat Joe “.
He has been very public about his efforts to shed weight after fellow rap stars died from obesity-related issues and was recently in Newark to speak to schoolchildren about health and fitness. Joe was really trying to make a difference.
When asked by U.S. Magistrate Cathy Waldorf if he understood the charges he was facing, he replied, “I super-understand it.” Joe took his medicine well.
Cartagena’s lawyer, Jeffrey Lichtman, said outside federal court that his client “had already taken steps to resolve this situation” before he had been charged.
He said” the rapper hoped to pay back the taxes by the time of his sentencing April 3.”This would have helped reduce his time in Club Fed.
Cartagena owned the Somerville-based Terror Squad Production Inc. and Miramar Music Touring Inc., according to court papers.
He also earned income from FJTS Corp., during the time in question.
Waldorf the judge set bail at $250,000 and released Cartagena until his sentencing. He could face up to two years in prison and a fine of up to $200,000, plus penalties from the Internal Revenue Service.
Joe now will be singing the ” jail house blues ” and will have plenty time in Club Fed to write.
Kudos to Joe for the weight loss and helping the kids, good luck
Some of the IRS Penalty Structures
1.Timely Filers Who Do Not Pay Total Due: one-half of 1% of the tax owed for each month until tax is paid (25% maximum),
2. Late Filers: 5 percent of the tax owed for each month late (up to 25%); increased penalties for fraud,
3.Combined Penalties: if both of the above apply: the failure-to-file penalty minus the failure-to-pay penalty,the FTP max’s out at 24%.
4. Frivolous Tax Submissions: $5,000 penalty
5. Mistakes: 20% of the underpayment
6. Civil Fraud: 75% of the underpayment
7. Criminal Penalties: Civil fraud penalty 75% plus substantial fines and jail time
8. Interest: for all late or under-paying filers, interest will compound daily on their unpaid taxes at the federal short term rate plus 3%
9. These are just some of the applicable penalties for IRS violations.
Tax Fraud – Don’t be like Fat Joe
