Dame Dash Explains $3 Milli In Back Taxes
Damon Dash has fallen on hard times again. He reportedly owes the US government $3 million in back-taxes. The former Roc-A-Fella boss man, who recently admitted on Shade 45's "Sway in the Morning" radio show that he is "f--ed up," is in the middle of an investigation by the IRS.
"They're auditing me. 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," Dash, owner of DD172, said, according to MTV News. "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."
Dash says that the audit is due to his accountant's failure to itemize his expenses.
"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," Dash explained. "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 … They really don't believe that I'm so real about putting all of my money into my business, but that's what I do."