Fat Joe In Fat Debt, Owes New Jersey $145,000 In Back Taxes

ImageFat Joe is slated to release his eighth solo album this year, a testament to an unusually lengthy rap career. His money, though, may not be so long.

According to internet reports, the real Elephant in the Room might be the near $150,000 deep Joey Crack is in to the tax man.

According to official state documents the rapper (born Joseph Cartagena) owes the IRS $70,000 while his company Terror Squad Productions is back $70,494.52 in taxes.

According to Fat Joe though, he's good for it. Just earlier this month he made an appearance on BET's "Rap City" where he announced that his long-standing beef with mogul 50 Cent has amassed him millions.

"Since I've been beefing with 50 Cent I've become so much richer in my life, so much more millions and keep dropping hit records."

The Elephant in the Room will feature appearances from Diddy, Rick Ross, Fabolous and production from Scott Storch, Cool & Dre, DJ Khaled, Nate "Danja" Hills and The Runners. The project is expected to be released in March 11.