Ja Rule Faces Jail Time for Guilty Plea on Tax Charges

Ja Rule faces up to three years in prison for failing to pay more than $3 million in taxesRapper and actor Ja Rule, whose real name is Jeffrey Atkins, pleaded guilty Tuesday to failing to pay federal income taxes on more than $3 million earned between 2004 and 2006. He faces up to three years in prison for the charges, as well as penalties.The plea agreement comes after an investigation into Atkins' failure to pay taxes from 2004 through 2008. Assuming that Atkins meets the conditions of his plea agreement, the government will drop two additional counts against him for failing to pay taxes in 2007 and 2008.

Atkins' income in 2007 and 2008 was significantly less than in 2004, 2005 and 2006. Atkins' income peaked in 2005 after the November 2004 release of Ja Rule's sixth studio album R.U.L.E, which debuted at No. 7, selling 166,000 copies in its first week of release. The album's lead single was "Wonderful," featuring R. Kelly and Ashanti -- it peaked on the Billboard Top 100 Singles chart at No. 5.

This isn't Atkins' first run-in with the law. In 2003, he allegedly punched a man in Canada; the matter was settled out of court. The following year, Atkins was arrested for driving with a suspended license and possession of marijuana.

In 2007, Atkins was arrested again on drug possession charges, along with fellow rapper Lil Wayne. Police also found a gun at the scene; Atkins eventually pleaded guilty to the weapons charges and received a two-year jail sentence. Atkins has not served time on the weapons charge; his attorney is expected to ask to have the tax evasion sentence served concurrently with the weapons sentence.

Atkins has promised, through his attorney, to pay the delinquent taxes. He's scheduled to be sentenced June 13 on the three tax evasion charges and faces up to a year in prison and $100,000 in fines on each count.

Atkins' attorney has said, about the rapper's problems, "He's been working on addressing these issues for some time, and he's taking full responsibility."

The 10 Most Overlooked Tax Deductions

Don't overpay taxes by overlooking these tax deductions. See the 10 most common deductions taxpayers miss on their tax returns so you can keep more money in your pocket.

Read More

Brought to you by TurboTax.com

How to Find a Good CPA for Your Taxes

Finding a good CPA for your taxes is simple with these seven tips: 1. Ask about their specialization; 2. Verify their identification number, 3. Look up their license, 4. Consider their experience, 5. Confirm their willingness to sign, 6. Ask for advice, and 7. Determine their fees.

Read More

Brought to you by TurboTax.com

Reporting Self-Employment Business Income and Deductions

Self-employed taxpayers report their business income and expenses on Schedule C. TurboTax can help make the job easier.

Read More

Brought to you by TurboTax.com

2018 Tax Reform Impact: What You Should Know

Congress has passed the largest piece of tax reform legislation in more than three decades. The bill went into place on January 1, 2018, which means that it will affect the taxes of most taxpayers for the 2018 tax year.

Read More

Brought to you by TurboTax.com
Read Full Story
Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.