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Fat Joe, real name Joseph Cartagena, is on the hook for stiffing the federal government out of roughly $700K in income taxes for 2007 and 2008. The rapper appeared in federal court this morning to enter his plea and was freed on a $250K bond. He is scheduled to be sentenced in April and faces up to two years in prison.

His lawyer, Jeffrey Lichtman, said Fat Joe “had already taken steps to resolve this situation” before he had been charged and hopes to pay back the feds before April 3.

Fat Joe owned the Somerville-based Terror Squad Production Inc. and Miramar Music Touring Inc. and also earned income from FJTS Corp.

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