NEWSFLASH! Peter Thomas of Real Housewives of Atlanta fame is reportedly in some deep trouble with the IRS.

The popular reality star recently sent over an EXCLUSIVE statement addressing his legal predicament, stating that he’s ready, willing and able to take full accountability for his bad business decisions.

Video below…

Thomas recently shared with me that he’s been dealing the a legal predicament arising from a ton of IRS debt accumulated from several of his failed businesses.

It’s already been reported that Bar One restaurants were suffering and Bar One Miami, the last of Thomas’ crop of swanky establishments, shuttered it’s doors earlier this year and in his video apology, Thomas admits that he didn’t properly pay withholding taxes and deeply regrets his actions.

Thomas also has a bit of advice for fellow business owners, stating that others should make sure they stay on top of paying their taxes.

For the record, it’s very possible Peter could be facing jail time for tax evasion, but before you run & tell dat… LISTEN to what he has to say about his situation:

While it’s clear we can all kick a man while he’s down, I’d rather take this opportunity to salute Peter for standing up and admitting his faults.