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How Yo Gotti Almost Lost EVERYTHING to the IRS · Earn Your Leisure

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  Speaker 1: A lot of artists have issues IRS, so that accountant
• 0:03
  Speaker 1: might have taken advantage of them or business manager.
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  Speaker 2: You ever have any.
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  Speaker 3: Issues, No, I I had them type I ain't had
• 0:10
  Speaker 3: them type of issues, but I did have I didn't
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  Speaker 3: have them type of issues were it affected me, But
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  Speaker 3: I did have.
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  Speaker 2: A I call it, I want to call it. I
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  Speaker 2: called it a lack of.
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  Speaker 3: Information in the beginning when it came to that, when
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  Speaker 3: it came to that area, you know, unfortunately for me,
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  Speaker 3: because you know, I'm good with my money, I'm good
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  Speaker 3: with saving money, I'm good with keeping money. That even
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  Speaker 3: when I learned the information, I was in position to
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  Speaker 3: handle it, you know what I mean.
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  Speaker 2: Because we grew up. We grew up. I grew up.
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  Speaker 3: Maybe they should teach this in school too, because I
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  Speaker 3: grew up thinking when you when we heard taxes, my
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  Speaker 3: mom and them got tax money. That's when we got
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  Speaker 3: new Jordans, we got new outfits, we got new joints.
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  Speaker 3: It was a celebration when it was tax time. Waiting
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  Speaker 3: on tax time. That was better than Christmas, you know
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  Speaker 3: what I'm saying. So I didn't know, you know, even
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  Speaker 3: in my early stages to getting money, I didn't know
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  Speaker 3: we had to pay. So it ain't that I didn't
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  Speaker 3: want to pay or that I wentn't pay. I didn't
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  Speaker 3: know because a lack of information. They ain't teach me
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  Speaker 3: that in school, you know what I'm saying. Nobody taught
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  Speaker 3: me that in school. When I opened up my bank
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  Speaker 3: and started putting big chicks in the bank, my bank
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  Speaker 3: couldn't tell me I had to pay taxes. I didn't
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  Speaker 3: have a CPA in the beginning, so I didn't know that, right.
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  Speaker 3: So for me, I was buying real estate early, right,
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  Speaker 3: and I just happened to get a letter they say like, Yo,
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  Speaker 3: we're gonna what they called it, like seize your property if.
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  Speaker 2: You donna pay this.
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  Speaker 3: And I didn't even know you had to pay property
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  Speaker 3: taxes on a house that you had paid cash.
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  Speaker 2: Yeah, keep it.
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  Speaker 3: Mand at this At this time, Brian, I got ten
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  Speaker 3: to fifteen houses I didn't pay cash for that I
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  Speaker 3: done had for four or five years that I never
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  Speaker 3: paid property taxes on because I didn't know.
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  Speaker 2: For five years. Yeah, I didn't know.
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  Speaker 3: So it's just so happened that I get a letter
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  Speaker 3: and the mail telling me that they won't They're gonna
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  Speaker 3: seize the properties if I don't pay these property taxes.
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  Speaker 3: And I get a letter about this, but I you
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  Speaker 3: know what I'm saying, So I hit my lawyer at
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  Speaker 3: the time that wasn't even a tax lawyer.
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  Speaker 2: He's just you know, he's a criminal lawyer. Lawyer. I know,
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  Speaker 2: I'm backing the year, you know what I'm saying.
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  Speaker 3: So I hear him like, yo, look me, I need
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  Speaker 3: to seeing these papers. And he sent me to a
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  Speaker 3: tax lawyer and a CPA, you know what I mean.
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  Speaker 3: And uh, And I sit down with him and they
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  Speaker 3: pretty much put me on game.
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  Speaker 2: You know what I'm saying, Like this, how this worked?
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  Speaker 2: Just how this goal? You know what I mean? Go
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  Speaker 2: get your statements, look at everything together. It's with yours.
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  Speaker 2: Just how to go. Luckily for you, you had, you
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  Speaker 2: had money, I had the paper to handle it. But
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  Speaker 2: I think I think I do think that's a thing though,
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  Speaker 2: because I do.
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  Speaker 3: I do think that's a thing where depending on where
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  Speaker 3: you how you grow up, you may not even know
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  Speaker 3: that exists. And then you ain't good with the paper,
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  Speaker 3: and by the time it comes to your front doorstep,
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  Speaker 3: you ain't in position.
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  Speaker 2: You and the hole from there you and you deep
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  Speaker 2: in the whole. So one of the things I do.
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  Speaker 2: You know, one of the things I.
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  Speaker 3: Do, we make sure we tell the artist that first
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  Speaker 3: time we get your dollar. You know what I'm saying,
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  Speaker 3: we give you money, yo, make sure you're doing this,
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  Speaker 3: and we even advise certain thing makes you get you
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  Speaker 3: a CPA.
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  Speaker 2: Make sure you get you this.
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  Speaker 1: Make sure do you set them up with one or
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  Speaker 1: you have to give them a CPA.
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  Speaker 2: To no, no, no, no.
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  Speaker 3: I don't ever want to give an artist nothing like
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  Speaker 3: that because I don't never want to be.
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  Speaker 2: Like, oh, that's your people.
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  Speaker 3: You know what I'm saying, show people and the money
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  Speaker 3: ain't right and I ain't doing that.
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  Speaker 2: I wonder. I mean, I'm giving you the information like, yo.
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  Speaker 3: You need this, you need that, you need this, and
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  Speaker 3: this's why. And I'm giving them the example the same
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  Speaker 3: thing I just told y'all.
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  Speaker 2: Man, this wi happened to me.
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  Speaker 3: You know what I'm saying, I ain't knowing you know,
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  Speaker 3: it's what happens. So make sure this don't happen to you.
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  Speaker 1: Yah. Me just asking my follow So we have our
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  Speaker 1: friend who's an executive at a label, and he brought
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  Speaker 1: the idea where you know, in the NBA, in the NFL,
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  Speaker 1: they have like the Rookie Symposium when you get drafted,
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  Speaker 1: Like all of the rookies come to like Vegas for
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  Speaker 1: like the weekend, and they give them all different types
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  Speaker 1: of lessons, and like one of the lessons like they
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  Speaker 1: get like a financial advisors to like educate them. A
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  Speaker 1: lot of people don't listen, but at least they got
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  Speaker 1: like boot camp. So he was saying that they should
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  Speaker 1: have like a symposium for all like artists. I think
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  Speaker 1: when you first get a record deal, like you got
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  Speaker 1: to go through this, at least you can say that
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  Speaker 1: you wasn't you didn't know, Like I mean, like now
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  Speaker 1: you make a conscious decision not to pay taxes, that's
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  Speaker 1: on you. But it's like, you know, like you say,
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  Speaker 1: you're taking a kid eighteen seventeen years old. I never
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  Speaker 1: really even had a job. Yeah, and you know how
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  Speaker 1: you really expect him to know about handling all of this?
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  Speaker 1: And so what's your thoughts on on that idea?
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  Speaker 2: No, I agree with that. I agree with that. I
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  Speaker 2: actually was.
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  Speaker 3: I actually was talking to a man somebody I know
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  Speaker 3: they do management, and he was telling me that they
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  Speaker 3: don't even take clients unless part of their contract is
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  Speaker 3: you have to have a CPA for them to even
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  Speaker 3: do business with you, Like we're not even doing straight
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  Speaker 3: up business with just us and you when they come
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  Speaker 3: to financial like, we want to deal with your CPA,
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  Speaker 3: so it's always clean and straight up from the beginning.
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  Speaker 2: That's summer.
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  Speaker 3: I actually may start implicating in my contracts, you know
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  Speaker 3: what I'm saying, because I think it's important. I just think,
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  Speaker 3: like you know, I do none music related jobs for
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  Speaker 3: my artists now, I mean like stuff like that we
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  Speaker 3: talk about to help them do whatever it is. If
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  Speaker 3: you're trying to buy a house or call like we
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  Speaker 3: involved in anything you allow us to be involved in.
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  Speaker 3: You know what I'm saying, because we look at you
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  Speaker 3: as family and we don't want you to do it wrong.
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  Speaker 3: We want you to pay more because you didn't have
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  Speaker 3: the right information to do it. We don't want nobody
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  Speaker 3: to scam you. You know what I'm saying. We don't
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  Speaker 3: want you to run into these hurdles that we probably
• 6:00
  Speaker 3: already ran through. We already paid for the mistakes, so
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  Speaker 3: we don't try to bypass you past those mistakes. So
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  Speaker 3: I work with all my artists on stuff like that.
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  Speaker 3: It's none marriage related that ain't no nothing, not how
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  Speaker 3: older do in my contract. That's just like from the
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  Speaker 3: you know, the goodness of our heart. I want to see,
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  Speaker 3: you know, our family do it the right way. So
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  Speaker 3: I do think if they was putting it, you know
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  Speaker 3: in the record labels a part of the structures or
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  Speaker 3: you know, in the schools again, because you know, I
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  Speaker 3: ain't no, you know, I ain't no dumb nigga.
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  Speaker 2: You feel me like you feel like.
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  Speaker 3: I made age in school, you know what I'm saying.
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  Speaker 3: And I didn't know about it. Yeah, so I wouldn't
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  Speaker 3: even say, like, you know what I'm saying. How they'll
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  Speaker 3: try to try to play on us like, oh, you're
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  Speaker 3: from a certain place, you don't know.
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  Speaker 2: No, you know, I'm one of the ones that had age.
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  Speaker 2: I still didn't know about it. Yeah, I mean it's
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  Speaker 2: a fact.
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  Speaker 1: I mean it's something that we're working on as well
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  Speaker 1: to get curriculum put into the school districts starting here
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  Speaker 1: in New York City, but hopefully it will be something
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  Speaker 1: that goes throughout the United States and eventually throughout the world.