Wesley Snipes Owes the IRS How Much? Plenty, After the Latest Ruling in His Tax Mess

Nov 2, 2018  •  Post A Comment

Actor Wesley Snipes lost a key ruling in his fight with the IRS, failing to convince a tax court that he’s unable to pay more than six figures, The Hollywood Reporter’s THR, Esq., reports.

Snipes now appears to be on the hook for about $9.5 million.

“After the IRS tried to collect $23.5 million in back taxes, the actor asked for an offer-in-compromise which would let him settle his debt for less than the amount owed and for the notice of federal tax lien that was filed against his home to be withdrawn,” THR reports. “He put up just shy of $850,000 in cash as an OIC, but the IRS rejected the offer and sustained its lien. So Snipes filed a petition asking the tax court to overturn the decision.

“U.S. Tax Court Judge Kathleen Kerrigan on Thursday upheld the IRS decision finding Snipes failed to provide sufficient proof of his assets and financial condition and the settlement officer didn’t abuse her discretion in rejecting his request.”

The report notes that the lien was placed in August 2013, not long after Snipes was released from prison following his conviction on related tax crimes.

THR reports that a settlement officer looked into Snipes’ real estate holdings and assets and “determined that the reasonable amount that could be collected was about $17.5 million.”

The settlement officer later reduced Snipes’ estimated liability to $9.5 million, THR reports.

Your Comment

Email (will not be published)