Fat Joe Pleads Guilty of Evading Income Tax, Released on $250,000 Bond, Faces 2 year Prison Sentence

Master rapper Fat Joe is in a big fix. Joe, 42, whose real name is Joseph Antonio Cartagena has pleaded guilty of not filing income tax returns for the years 2007 and 2008.

Joe, who is the CEO of Terror Squad Entertainment, has apparently dodged the U.S. government of about $700,000 in income taxes during the two year period, TMZ reported.

Joe appeared before Magistrate Judge Cathy Waldor in Newark federal court, Dec. 20, and entered a plea. He was freed on a bond of $250,000. He faces up to two years in prison and a fine of $200,000 for his offense.

The star rapper had been "working to resolve his issues" before the start of the criminal proceeding, said Jeffrey Lichtman, Fat Joe's attorney, E! News reported.

"It's not a happy day," added Litchman. "I think he is relieved to get the ball rolling and put it behind him. It is not a proud day, but I think he is proud that he has his house in order and is getting it done. He is obviously very stressed about what the future brings, but he is handling it well."

Joe, who was sporting dark navy suit, reportedly told the judge that he "super-understands" the criminal charges against him.

"Fat Joe has taken responsibility for his tax failures. He hopes to repay his tax indebtedness," said Lichtman.

His first single called "Another Round"  that featured Singer Chris Brown was released Oct. 19. 2011. Recently he was featured in Grammy winner Alejandro Sanz's new album, "La Música No Se Toca" in a music named "Down", September 2012.

Joe's sentencing is scheduled for April 2013.