Weeks after reports scattered the Internet about rap executive Jermaine “JD” Dupri possibly losing his So So Def record company, new reports claim he owes nearly $800,00 to the government.
According to reports, JD’s tax woes date back roughly five years ago.
Jermaine Dupri is SO SO Def screwed … Uncle Sam just slapped the hip-hop mogul with a giant tax bill … to the tune of $800,000. According to two separate tax liens filed by the IRS (everyone’s fav government agency) … Dupri needs to cough up tax dough from the years 2008, 2010 and 2011. Here’s the breakdown: 2008: $646.47 (not so bad) 2010: $140, 889.76 (could be worse) 2011: $657,156.12 (hello, worse) Grand total allegedly owed — $798,692.35. Calls to Jermaine’s reps have not been returned. Of course JD is no stranger to tax bills. He recently paid off a $3 million tax lien for unpaid taxes in 2006. Prior to that he coughed up $500k to the State of GA for unpaid taxes. (TMZ)
Prior to denying the claims, reports about the hip-hop producer owed massive of bucks to SunTrust Bank dating back three years ago emerged online.
Jermaine Dupri is in jeopardy of losing his rights to the music from his So So Def label … because he can’t seem to pay off an enormous loan. Dupri borrowed $4.8 mil from SunTrust Bank back in 2010 …. he paid more than half of it back, but then the bank stopped getting payments. So SunTrust is now suing Dupri for nearly $2 mil — the balance due, plus interest. Here’s the BIG problem … In order to get the loan, Dupri had put up collateral, in the form of copyrights and royalties to the many songs his label owns from artists like Xscape, Bow Wow and Da Brat. As far as we can see, Dupri still hasn’t anted up the cash. And it’s not his only trouble with $$$. He paid off a $3 MILLION tax lien in February and dodged the foreclosure of his Atlanta mansion TWICE in the past year. (TMZ)
Back in February, the Atlanta hitmaker celebrated So So Def’s 20th anniversary.
Stars came out heavy on Saturday night (Feb. 24) to Atlanta’s Fox Theater for the So So Def 20th anniversary concert. Mariah Carey, Usher, Jay-Z, Da Brat, Ludacris, Monica, and several others were in attendance to celebrate with the man who started it all, Mr. Jermaine Dupri. At some point during the night, JD joined Jay-Z onstage and they performed couple of songs including “N***as In Paris.” (The Honesty Hour)
He previously took credit for helping shine light on rap mogul Jay-Z when So So Def reached its prime in the mid-1990’s.
“When I made that song nobody knew who Jay-Z was in the South, by the way. People knew who he was up here, (in New York), but when I made that record, people at Columbia Records were like, ‘We should put out the Mariah record first. You’re a successful producer, let’s put out the big star song.’ I said ‘Nah, I’m putting out this rap record. This is what I want to put out.’ It was a big record.” (GG)