No-Limit Master P (5 part Docuseries) Wednesday 9pm EST on BET

Pimp

Pimp

Banned
Joined
Sep 28, 2012
Messages
13,717
Reputation
-1,844
Daps
32,734
Reppin
NULL
Marlo Barksdale said:
A former No Limit artist named Deno West did an interview and he mentioned about P and IRS (he said P rapped about it on Ghetto Bill).

I happened to Google and once you look at the articles, the timeline and circumstances of NL's downfall become a lil clearer. You hate see it.

Master P Cops to Tax-Evasion Rap - E! Online
Master P Cops to Tax-Evasion Rap
Rapper pleads guilty to not paying taxes in Louisiana

By JULIE KELLER
FEB 06, 2004 6:00 PM

Master P did not get the hookup with the IRS.

The rapper, hip-hop mogul and star of the 1998 flick I Got the Hook-Up pleaded guilty Thursday in Baton Rouge, Louisiana, for failing to file a tax return seven years ago for his company, Bout It Incorporated.

P, aka Percy Miller, founded the company in 1996 to manage his No Limit Records label. IRS officials claim he pulled in $2.3 million during his first year in business. But Special Agent Janet Magee testified at the hearing that the company "maintained no books or records to document the business income or expenses."

Apparently, the shady (or just lazy) dealings caught up quickly with Master P. The rap impresario has been in negotiations with the IRS for five years trying to hammer out a solution to the problem.
Per the plea deal worked out by his lawyers, he has one year to cough up the tax money and will also have to appear in a public service announcement for either the IRS or Baton Rouge's Project Safe Neighborhoods.

IRS officials say they are not sure yet how much P owes, but he has since hired an accounting firm to sort out what his lawyer Tim Meche told the Baton Rouge Advocate was a "complicated mess."

A U.S. district court judge will soon set a date for sentencing. P faces a maximum penalty of five years' probation, a $200,000 fine (or twice the financial gain of the tax evasion) and the prosecution costs.

As for the rapper, he's just glad to be finished with the mess. Bout It lawyer Meche told the Advocate that his client is "just eager to put all this behind him and resolve it."

So far, it seems the rapper is cooperating with authorities on the whole tax matter, but in true gangsta style, the day didn't go down without a fight.

According to the Advocate, on his way into the courtroom, P was served with papers for a copyright-infringement suit. But as said server tried to approach the rapper, his bodyguards knocked him around for trying to approach their client. Eventually, the papers were thrown at Master P's feet and the server walked out with a scraped and bloodied hand.

Courthouse officials say there were no arrests and no charges will be filed. There has been no immediate word on the accusations contained in the suit.

In the meantime, P will keep himself busy with his hip-hop empire. Along with No Limit Records and the management of several gangsta-rap careers, including his own, he helms a film company, clothing line and luxury jewelry business.​



Master P In Court Over Tax Violation

On December 17, 2003, Miller's company filed for bankruptcy protection and switched distributors, leaving Universal for Koch.
​
To balance it out, here's rare footage from 1998 with Mia X, Young Bleed, KLC, Kane & Able, Mac, Mo Bm dikk, Mr Serv On, Mystikal and more on the set of Make Em Say Ugh


Click to expand...


Lol you are posting trash.. He didn't file taxes in 1996 so what.. They were a new company and didn't keep books in 96.. This type of shyt happens when you're busy on the grind.
 
Marlo Barksdale

Marlo Barksdale

Really out chea
Joined
Nov 18, 2016
Messages
3,894
Reputation
1,453
Daps
16,257
Reppin
Tha M
Goldz-n-hoez said:
Lol you are posting trash.. He didn't file taxes in 1996 so what.. They were a new company and didn't keep books in 96.. This type of shyt happens when you're busy on the grind.
Click to expand...

That's facts. And he got in trouble again for not filing taxes in 2004, 2005 & 2008.
Master P Accused of Screwing Uncle Sam Out of $1.5 Million

Like it or not, that's the hallmarks of "homeboy business" aka bad business. You gotta keep books, especially for taxes. It helps explain why BBTP and others had financial disputes and later won.
 
theflyest

theflyest

Veteran
Joined
Jun 17, 2012
Messages
27,042
Reputation
1,521
Daps
68,008
Reppin
NULL
oO J Smooth Oo said:
Because up until then he freestyled/wrote his own shyt, as far as I’m aware. @OHSNAP!
Click to expand...

P’s mentality was to make money, not be some supreme MC.

I honestly wouldn’t be surprised if he spit other shyt that was written by others , that we are unaware of.

The only reason we know about this is because the original version with MAC /Nas was released on YouTube.
 
A

Alvin

Superstar
Joined
Dec 16, 2015
Messages
20,579
Reputation
860
Daps
26,451
OHSNAP! said:
After he got into total workaholic mode, I'm sure P started to spit some ghostwritten shyt. Mac, Samm, DIG, Black Felon, Afficial n more probably wrote for him
Click to expand...
who d'fukk is black felon and afficial?
 
You must log in or register to reply here.
Top