Damon Dash's tax troubles has reached an all-time high. According to TMZ, the rap mogul was slapped with a $2.8 million tax bill by the Internal Revenue Service.

Dash reportedly owes $2.6 million and $188,000 in back taxes for years 2005 and 2011, respectively. The grand total of debt is $2.8 million.

As we previously reported, Dash's mounting bills include $100,000 in back rent on a mansion in upstate New York as well as million of dollars in New Jersey and New York State taxes.

In his defense, Dash vows to pay everyone back.

"I can't touch my money. I can't pay certain bills," he says. "But I'm still working every day. It's not stopping me from hustling. I am an entrepreneur. I am real.”

"I'm in transition. I've been moving around on business," he adds.

If Dash doesn't get a hold of his finances quickly he's going to end up like his fellow tax cheats -- Fat Joe and Lauryn Hill.

The Bronx rhymer was hit with a four-month prison sentence for failing to pay his taxes. Most recently, Ms. Hill entered a detention facility to serve out her 90-day sentence for tax evasion.

Damon Dash is looking at a longer prison sentence judging by the mounting tax bills he has incurred.

Good luck, Dame.