Rick Ross addresses $5.7m tax charge - ‘With financial success comes financial responsibility’

A day after reports surfaced of his $5.7m tax charge with the Internal Revenue Service (IRS), the MMG boss has addressed the headlines.

‘I’ve been fortunate enough to experience financial success on a large scale through both my music career and my many business ventures,’ Rozay said in a statement. ‘With this type of financial success comes financial responsibility. As artistes we are blessed to be able to make money, but on the same note, are held accountable for our federal tax obligations just like everyone else.’

He acknowledged the tax issues and said he is working on a resolution. ‘I am fully aware of my current dealings with the IRS,’ he continued. ‘This issue arose from an incorrect filing by a prior accountant for the 2012 tax year. My new team of accountants has corrected the prior filing, and as anyone who has dealt with the IRS understands, it is a process. We have already satisfied a large portion of these issues and I can assure you that we are working very closely with the IRS to bring a full resolution shortly and will continue moving forward in a positive direction!’

Renzel reportedly owes $4.6m for 2012 and $570,000 both for 2013 and 2014. If he is unable to pay off the tax lien, his property could be seized.

Earlier this year, Rozay landed at number 20 on the Forbes ‘Hip-Hop Cash Kings’ list, pulling in $10m.