Dec. 21, 2012 10:05 AM ET
Fat Joe, 42, was charged with four counts and for failing to file a tax return with the Internal Revenue Service for the years 2007 through 2010. Prosecutors said the total tax loss for those years were $718, 038.
He entered two pleas to two counts covering years 2007 to 2008, but the government’s total tax loss will be taken into account at Fat Joe’s April 3 sentencing.
The rap artist admitted receiving a gross income of more than $1.3 million in 2007, more than $1.4 million in 2008, more than $320,000 in 2009 and more than $680,000 in 2010, according to authorities.
U.S. Magistrate Judge Cathy Waldor in Newark set Fat Joe’s bail at $250,000 and released him before his sentencing.
Fat Joe’s lawyer, Jeffrey Lichtman, said his client “had already taken steps to resolve this situation” before he had been charged.
Fat Joe is said to hopefuly pay back the taxes by the time of his sentencing April 3.