How Yo Gotti Almost Lost EVERYTHING to the IRS

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2:02Wasabi Hot Cloud Storage, proud partner of iHeart Podcast Network. There's a fire inside you you can't ignore. Stand still, not a chance. You're a lifelong learner who's come this far. Now we're here to help you keep going further. Capella University, what can't you do? Visit capella.edu to learn more. A lot of artists have issues. IRS or their accountant might have Taken advantage of them or business manager You ever have any issues? No, I ain't had them I ain't had them type of issues But I did have I didn't have them type of issues Where it affected me, but I did have I call it I don't want to call it I call it a lack of information In the beginning when it came to that When it came to that area You know, unfortunately for me Because, you know I'm good with my money.

2:55I'm good with saving money. I'm good with keeping money. Even when I learned the information, I was in position to handle it. You know what I mean? Because we grew up, we grew up, I grew up, maybe they should teach this in school too because I grew up thinking when we heard of taxes, my mom and them got tax money. That's when we got new Jordans. We got new outfits. We got new Jordans. It was a celebration when it was tax time. I was waiting on tax time. That was better than Christmas. You know what I'm saying? So, I didn't know. Even in my earliest stages of getting money, I didn't know we had to pay.

3:32So, it ain't that I didn't want to pay or that I wouldn't pay. I didn't know because of lack of information. They didn't teach me that in school. Nobody taught me that in school. When I opened up my bank and started putting big checks in the bank, my banker didn't tell me I had to pay taxes. I didn't have a CPA in the beginning so I didn't know that so for me I was buying real estate early and I just happened to get a letter that said like yo what they call it like seize your property if you don't pay this I didn't even know you had to pay property taxes on a house that you had paid cash for keep in mind at this time bro I got 10-15 houses I didn't pay cash for that I didn't have for four or five years that I never paid property taxes on.

4:22Because I didn't know. For five years? Yeah. Wow. I didn't know. So it just so happened that I get a letter in the mail telling me that they're going to seize the properties if I don't pay these property taxes and I get a letter about the tax. But you know what I'm saying? So I hit my lawyer at the time that wasn't even a tax lawyer. He just, you know, he was a criminal lawyer. Lawyer I know from back in the Gs. You know what I'm saying? So I hear him like, yo, I need to send you these papers. And he sent me to a tax lawyer and a CPA. You know what I mean? And I sat down with them and they pretty much put me on game.

5:00You know what I'm saying? Like, this is how this works. This is how this go. You know what I mean? Go get your statements. We'll get everything together. This is what you owe us. This is how it go. But luckily for you, you had money. Yeah, I had the paper to handle it. But I think I think. I do think that's a thing, though, because I do. I do think there's a thing where depending on where you how you grew up, you may not even know that exists. And then you ain't good with the paper. And by the time you come to your front doorstep, you ain't in position. Well, let me ask you. You in the hole from you and you deep in the hole.

5:37So one of the things I do You know One of the things I do Is make sure we tell the artist that First time we get your dollar You know what I'm saying We give you money Make sure you're doing this And we even advise certain things Make sure you get you a CPA Make sure you get you this Make sure you get you that Do you set them up with one or Do you give them a CPA to work with? No, no, no, no I don't ever want to give an artist Nothing like that Because I don't ever want to be like Oh You set me up to show people Complicated interest You know what I'm saying They show people and the money ain't right and I ain't doing that.

6:10I want to. I mean, I'm giving you the information like, yo, you need this, you need that, you need this and this why. And I'm giving them the example of the same thing I just told y 'all, man, this is what happened to me. Yeah. You know what I'm saying? I ain't knowing, you know, this is what happens. So make sure this don't happen to you. Hold on. Let me just ask one follow up. So we have a friend who's an executive at a label and he brought the idea where, you know, in the NBA and NFL, they have like the rookie symposium. when you get drafted, like all of the rookies come to like Vegas for like the weekend and they give them all different types of lessons.

6:40And like one of the lessons is like they get like financial advisors to like educate them. A lot of people don't listen, but at least they got like boot camp. So he was saying like they should have like a symposium for all like artists. I think so. When you first get a record deal, like you got to go through this. At least you can say that you wasn't, you didn't know. Like, I mean, like now you make a conscious decision not to pay taxes. That's on you. But it's like, you know, like you said, take a kid 18 17 years old i never believe i had a job yeah and you know how you really expect him to know about handling all of this so what's your thoughts on that idea no i agree with that i agree with i actually was uh i actually was talking to a man somebody i know they do management and he was telling me that they don't even take clients unless part of their contract is you have to have a CPA for them to even do business with you.

7:31We're not even doing straight up business with just us and you when it comes to finance you. We want to deal with your CPA so it's always clean and straight up from the beginning. That's something I actually may start implicating in my contracts. You know what I'm saying? Because I think it's important. I just think like, Like, you know, I do non-music related jobs for my artists. Now, I mean, like stuff like that we talk about or help them do whatever it is. If you're trying to buy a house or car, like we involved in anything you allow us to be involved in. You know what I'm saying? Because we look at you as family.

8:10We don't want you to do it wrong. We don't want you to pay more because you didn't have the right information to do it. We don't want nobody to scam you. You know what I'm saying? We don't want you to run into these hurdles that we probably already ran through. We already paid for the mistakes, so we won't try to bypass you past those mistakes. So I work with all my artists on stuff like that. There's no marriage related. There ain't nothing I owe to do in my contract. It's just like from the goodness of our heart, I want to see our family do it the right way. So I do think if they was putting it, you know, in the record labels, a part of the structures or, you know, in the schools again, because, you know, I ain't no, you know, I ain't no dumb nigga.

8:55You feel me? Like, you feel me? Like, I made A's in school, you know what I'm saying? And I didn't know about it. Yeah. So I wouldn't even say, like, you know what I'm saying? How they try to play on us, like, oh, you from a certain place you don't know? Nah. You know, I'm one of the ones that had A's. I still didn't know about it. Yeah. I mean, it's a fact. I mean, it's something that we're working on as well to get curriculum put into the school district. We're starting here in New York City, but hopefully it will be something that goes throughout the United States and eventually throughout the world.

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