01 Jul IRS Hits Fat Joe With Fat Lien of $1.1 Million
Rapper Fat Joe, real name Joseph Cartagena, owes over $1 million for allegedly failing to pay taxes on his income from 2008, 2009, 2010 and 2014, according to BOSSIP.com.
Unfortunately for the rapper, the IRS has placed a lien on his assets. A tax lien is a lawful claim by a government party against a noncompliant taxpayer’s belongings. Tax liens are a consequence of failing to pay back taxes. Getting rid of a lien is difficult – the taxpayer must pay off all debt, file bankruptcy or reach an offer in compromise or other IRS tax settlement with the government entity.
If Fat Joe is unable to reach an IRS tax settlement, the “All The Way Up” rapper can have his home, bank account and other assets seized.
This is Fat Joe’s second tax lien. The world famous rapper faced a lien of $105,000 from the state of New Jersey in 2010, which was reportedly paid back. In 2013, Cartagena was sentenced to prison for unpaid taxes.
In addition to tax liens, the IRS also reserves the right to place a levy on a delinquent taxpayer’s bank accounts or garnish the taxpayer’s wages. The only way out in these cases is by IRS tax settlement.