Wesley Snipes' Settlement Offer Rejected By Tax Court, Still Owes $9.5 Million
Wesley Snipes' tax case might come to a close when U.S. Tax Court Judge Kathleen Kerrigan denied the actor's plea to reduce his back taxes payment (Nov. 1). According to The Hollywood Reporter, Snipes will still owe the IRS $9.5 million. The decision arrived after he attempted to convince the court to let him pay nearly $850,000 through an "offer-in-compromise" (OIC).
The court based its denial on a claim that the veteran actor didn't provide enough evidence to prove he can't afford the multi-million dollar payback through his assets. From 2001-2006, the New Jack City actor did not file his taxes. This resulted in a three-year prison stint.
Between those five years that Snipes didn't claim his taxes, the IRS held him liable for $23.5 million owed. The 56-year-old initially said his financial advisors at the time spewed misinformation that influenced his monetary decisions. In a 2015 Forbes article, the site states between 1999-2001, Snipes also failed to pay taxes worth $7 million, per the leadership of his advisors.
In early May 2018, Snipes shared an image that called for the teaching of taxes, accounting and other money-centered subjects to be taught in school.
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