FAT JOE could be facing jail time after he plead guilty to tax evasion, according to the latest Hollywood news.

Uh-oh.

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Fat Joe (real name: Joseph Cartagena) is both owing and owning up to his crimes, because he just confessed to failing to pay his back taxes from years ago.

The supposedly rich “What’s Luv” rapper reportedly amassed up to $700,000 of unpaid income taxes from 2007 to 2008, to which he pleaded guilty in a New Jersey federal court this morning.

His fate will be decided in April when he returns to court for his sentence‚ÄĒpossibly¬†two whole years in prison.

Photo By PR Photos

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