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Wesley Snipes Loses 10-Year Old Case With IRS, Ordered to Pay $9.5 Million

Wesley Snipes is still in turmoil with the IRS, as per reports by The Blast. 
The Blade actor lost his $10 million appeal in debt to the IRS. This tax case has been going on for about a decade after he was sentenced to prison for not filing his federal income tax in 2008. In the ’90s and early 2000s, Snipes ran off on the plug after his accountant and anti-tax advocate convinced him he didn’t have to pay taxes.
Snipes originally owed $23.5 million in debt to the IRS but was able to reduce the ridiculous amount to about $9.5 million. He initially offered to pay $850,000 to settle the debt, but the IRS served him. Wesley Snipes tried to appeal, and the courts took the side of the IRS.
“Given the disparity between petitioner’s $842,061 OIC [offer-in-compromise] and the settlement officer’s calculation of $9,581,027 as his RCP [reasonable collection potential], as well as petitioner’s inability to credibly document his assets, the settlement officer and her manager had ample justification to reject the offer,” U.S. Tax Court Judge Kathleen Kerrigan said Thursday.
A lien was put on the actor and producer’s home in August 2013, after he was released from jail. Snipes asserted in court that his financial advisor took out loans and assets without his insight, yet neglected to give enough proof to back up the case. The judge assured the $9.5 million payouts wouldn’t leave Snipes desperate, but according to Celebrity Net Worth, Snipes just has about $10 million to his name. Maybe it’s time for another Blade.
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Happy 44th Birthday to Nelly, Hip-Hop’s Underrated Legend
Friday November 02, 2018

Words By: Manuel Portugal When it comes to Hip-Hop runs and artists’ contributions to the rap game, many fail to mention St. Louis’ own, Nelly. The rapper has put out timeless hits such as “Country Grammar” and “Ride Wit Me,” which became radio darlings cementing his rightful place on the top of the charts. Not […]

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Frijns “Was Always Looking” for Formula E Return
Saturday October 06, 2018

Robin Frijns says he was always looking for the right opportunity to return to Formula E…

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