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Snipes tax fine follow up

April 25, 2008

As mentioned in my post (here) on Wesley Snipes’ prison sentence for tax evasion, here’s the promised follow up on the monetary penalty portion.

Reuters reported that the judge did not fine Snipes, but the IRS still could levy penalties and interest charges in addition to the taxes owed.

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Meanwhile, according to the Orlando Sun-Sentinel, during yesterday’s sentencing hearing, the actor’s lawyers offered prosecutors checks worth $5 million to pay part of his debt to the government.

Prosecutors called the courtroom check presentation a grandstanding move, with prosecutors saying the money was just "a fraction of what he owes." The federal government contends Snipes’ tax debt for 1999 through 2004, the years covered by the indictment, will "conservatively" exceed $20 million.

And that fine legal journal People magazine quoted Victor Lessoff, who heads the Tampa IRS office, as saying, "The IRS will still try to collect the money. You can count on that."

As for Snipes, he and his attorneys vow to appeal the case.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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