MC Hammer has been hit by the IRS with a hefty tax lien. TMZ is reporting that he and his wife, Stephanie, has failed to pay $798,000 in back taxes.

To add insult to financial injury, the monies that Hammer owes to the federal government accrued during his heyday around 1996 and 1997.

Apparently, all the money that Hammer earns now through his Hammer, LLC company goes to the U.S. treasury to pay off his bill.

So unlike Fat Joe and Lauryn Hill, who went to prison for failing to pay taxes, the '2 Legit 2 Quit' rapper is not facing any jail time for the time being.

We will also be remiss if we don’t mention the fact that Jay Z rapped about Hammer losing millions on the Grammy-nominated track 'Holy Grail.'

"Caught up in these lights and camera, ugh / But look what that s--- did to Hammer," he raps.

In the meantime, MC Hammer seems to be keeping himself busy with new music. He recently released a new anthem for the Oakland Raiders football team called 'Oakland Fight Club' featuring Mister F.A.B.