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Dame said a failure of accounting has complicated the matter.
Dame Dash, who has been in the news recently for reportedly owing millions of dollars in back taxes, appeared on Sway Calloway’s Shade 45 radio morning show to shed some light on the issue. According to Dame, things are potentially even worse than they seem.
“I owe way more than $2 million in taxes,” he said, referring to the figure reported in the press. “That must’ve just been the IRS,” he continued, laughing. “Nah, nah, I’m f***ed up.”
The hip hop mogul went into further detail to explain his situation.
“They’re auditing me,” he said. “When you’re a business man, you have a lot of businesses, a lot of times they think you’re laundering money or you’re pretending you’re writing things off that you don’t. I’m a true businessman. As you know, I believe in my independence, I have no partners, so every dollar I make goes right back into every business I have.”
Dame said a failure of accounting has complicated the matter.
“If I have an accountant that just reports I just invested $10 million in my business and he doesn’t exactly itemize where every cost goes, it gives a flag to the government. They want to make sure that the reason I’m not paying taxes is because I’m reinvesting in these businesses and not trying to hide stuff.”
Dash, who rose to prominence with Jay-Z as a co-founder of Roc-A-Fella Records and Rocawear clothing, is currently working to straighten things out with Uncle Sam.
via bet.com
Jeezy says that a sequel to his mixtape from earlier this year is set to drop within the week.
Although it’s been three years since Young Jeezy released his smash third album The Recession, that doesn’t mean the Snowman’s been slacking off with music. He’s been holding steady on the mixtape scene, producing critically acclaimed projects like Trap or Die 2 and this past May’s The Real is Back. Now, with an album on the horizon, the CTE Entertainment CEO is re-teaming with DJ Drama for a sequel to his hit tape from earlier this year.
In a recent interview with FreeOnSmash, Jeezy revealed that he is planning to drop his latest mixtape The Real is Back 2 before his next album Thug Motiviation 103: Hustlerz Ambition hits shelves this September 20. He also added that the tape, which is to be hosted by DJ Drama, will hit the Internet within a few days.
“The Real is Back 2 – what if I told you that?” he said. “That was [an] unoffcial [announcement], but I’m saying it. Take it how you want to take it; I said it, I might mean it. [As] a matter of fact, I know I mean ‘cus I said it. The Real is Back 2 – give me a week…three days, that’s all I need.”
via hiphopdx.com
The lawsuit, which was filed on August 1st, claims that the rapper stole their copyrighted tune “BedRock,” and incorporated it into the track of the same name, that was eventually featured on the compilation album We Are Young Money.
(AllHipHop News) Rapper Lil’ Wayne has been hit with a $15,000,000 lawsuit over the hit single “BedRock.”
Done Deal Enterprises, based in Waynesboro, Georgia, filed a lawsuit against Lil Wayne, Young Money Records, and Cash Money Records, in the United States District Court, Southern district of New York, over the song.
The lawsuit, which was filed on August 1st, claims that the rapper stole their copyrighted tune “BedRock,” and incorporated it into the track of the same name, that was eventually featured on the compilation album We Are Young Money.
We Are Young Money peaked at #1 on the Billboard Rap charts upon its release in December of 2009.
The Young Money version of the tune featured guest appearances by Drake, Nicki Minaj, Lloyd, Tyga, Gudda Gudda, Jae Millz and was originally produced by Kane Beatz.
According to the lawsuit, the single has moved an estimated 3,000,000 copies, while the album has been certified Gold (500,000 sold) by the RIAA.
The rapper and his counsel have been directed to appear in court on October 12th, 2011.
Dark Man X is working hard in the studio in hopes of putting out a new album before 2012.
Fresh out of his seven-month prison sentence, DMX is hard at work on his comeback album, tentatively titled Redemption of the Beast. Speaking with Billboard.com’s The Juice, Dark Man X explains that he has been working “nonstop, every day” on the project, which he hopes to release before December.
“I kind of took it back to how I felt on my first album — the hunger, the energy, the hardness of it,” he said. “I’ve had a lot of late nights in the studio, getting it in, getting it back to where it’s supposed to be. [... The album will be] bringing hip-hop back to where it’s supposed to be. It’s not at a good place right now… [There's] a lot of whack rappers out there. It’s too corny.”
X, who reportedly worked with Swizz Beatz, Dame Grease and Caviar on the album, says that he’s mostly been working in the studio on his own. He’s still in negotiations with Rick Ross to join Maybach Music Group, and is still planning to shoot a reality show that unites his 10 kids. As for staying out of trouble, X plans on keeping his slate clean.
“The first time around, it was given to me. Now, I’m working for it,” he continued. “There’s definitely a difference in what I’m gonna give, and what I’m gonna get out.”
via hiphopdx.com
