Barely 48 hours after reports surfaced of his $5.7m tax charge with the Internal Revenue Service (IRS), the MMG boss has addressed the headlines.
“I’ve been fortunate enough to experience financial success on a large-scale through both my music career and my many business ventures,’ Rozay said in a statement acknowledging the tax issues and said he is working on a resolution.
“With this type of financial success comes financial responsibility. As artistes 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. My new team of accountants has corrected the prior filing, and as anyone who has dealt with the IRS understands, it is a process.
“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!”
Rick reportedly owes $4.6m for 2012 and $570,000 both for 2013 and 2014, which may affect ownership of his properties, if he fails to pay.
Born as William Leonard Roberts II, the 40-year old founded the record label Maybach Music Group, in 2009, same year he released his studio album Deeper Than Rap.
He has some other albums, Teflon Don (2010), God Forgives, I Don’t (2012), Mastermind, Hood Billionaire (2014) and Black Market (2015). Rick Ross was also the first artist signed to Puff Daddy’s management company, Ciroc Entertainment.
Early this year, Rick was ranked at number 20 on the Forbes ‘Hip-Hop Cash Kings’ list, with a net-worth of $40 million.