Fat Joe has pleaded guilty to tax evasion after failing to pay income taxes for the years 2007 and 2008.

According to TMZ, the Terror Squad chief was accused of dodging roughly $700,000 in income taxes over the two-year period. He appeared in federal court in New Jersey earlier this morning to enter his guilty plea, and was subsequently released on $250,000 bond.

In 2010, Joey Crack listed his $2 million Florida mansion for sale to reportedly liquidate assets to cover debts of nearly $140,000. He was also given a tax lien by the State of New Jersey from 2008 in the sum of $105,000, as well as a Mercer County, New Jersey lien for just under $32,000.

Joey Crack will be sentenced in April and is facing up to two years in prison.

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