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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The Inaugural Bedford Stuyvesant Crown Heights Film Festival Celebrates People of Color in Film
Saturday October 06, 2018
It’s film festival season and Brooklyn has joined in on the fun. The Bedford Stuyvesant Crown Heights Film Festival went down Friday night with a red carpet rollout before the Bedford Stuyvesant Restoration Corporation (Restoration Plaza). The free, 2-day event exhibited two features, five short movies, a web series and artist panels to celebrate and […]
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Weekly Racing Roundup (10.15.18)
Monday October 15, 2018
Photo: DTM Paffett Wins Second DTM Title, Rast Scores Sixth Consecutive Win Gary Paffett was crowned 2018 DTM champion at the Hockenheimring on Sunday, taking the top spot in the German series for the first time since 2005. It came in spit of Rene Rast taking a double race win and increasing his run to […]