Celebrity Tax Tuesday: Rap Star Rick Ross owes $5.7M in back taxes.
Rap superstar, Rick Ross, is in deep doo-doo. He woulda paid his taxes if he knew what we do. (That was a rap rhyme, by the way, but I’m not exactly known for my rap skills. Not yet anyhow. Dream we must.)
The “Hustlin'” rapper owes the Internal Revenue Service (IRS) some $5.7 million in back taxes, though his team is confident the matter will be settled shortly. According to TMZ, which broke the story, Ross (aka William "Rick Ross" Roberts II) paid $5.7 million less than he should have from 2012 to 2014, a sum which breaks down to $4.6 million for 2012 and just over half a million in 2013 and 2014, respectively. Ross has blamed an “incorrect filing” by a “prior accountant” for the multi-million dollar sum he owes.
The rapper’s reps shared this statement, "I've been fortunate enough to experience financial success on a large scale through both my music career and my many business ventures. With this type of financial success comes financial responsibility. As artists we are blessed to be able to make money, but on the same note, are held accountable for our federal tax obligations just like everyone else. I am fully aware of my current dealings with the IRS. This issue arose from an incorrect filing by a prior accountant for the 2012 tax year.”
He added, “My new team of accountants have corrected the prior filing, and as anyone who has dealt with the IRS understands, it is a process. (Editor’s note: Oh boy, do we ever!) We have already satisfied a large portion of these issues and I can assure you that we are working very closely with the IRS to bring a full resolution shortly and will continue moving forward in a positive direction."
The feds have issued a tax lien, according to the report, and the rapper faces jail time if he doesn’t pay up.
Not so ironically, this entire story can be summed up with only two of his hit song titles; “Stay Schemin’” and “Sorry.”