Dame Dash Sheds Light on Tax Troubles

The Roc-A-Fell Records co-founder addresses reports of his financial troubles.

Posted: 08/09/2011 03:08 PM EDT
Damon Dash

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.

(Photo: Andrew H. Walker/Getty Images)

From Our Partners

Related Topics