- Days left
The Internal Revenue Service says that from 1999 to 2004, actor Wesley Snipes didn't file tax returns... and his income during that time was a whopping $37.9 million. What's more, he was told in 2002 that he was being criminally investigated, but he continued to not file.

How did this happen? Apart from possibly internalizing Leona Helmsley's sage advice ("Only the little people pay taxes"), Snipes hooked up with Eddie Ray Kahn, a known tax protester who had been banned from filing tax returns for others because of his shenanigans with a group called American Rights Litigators.

In addition to not filing tax returns, he also is accused of trying to get fraudulent refunds for over $11 million of taxes paid in 1996 and 1997. Snipes was warned on more than one occasion that he was in trouble for his tax-related activities, but it doesn't seem to have bothered him.


The trial begins today near Orlando, Florida, where prosecutors say Snipes lived when he committed his tax fraud. The government says that at the time the fraud was committed, Snipes signed deals for the movies "Blade II" and "Blade: Trinity," and each deal was worth more than $10 million.

Taxes on almost $38 million of unreported income? Huge. Interest and penalties? Huge as well. Possible imprisonment if criminally convicted? Priceless.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Increase your money and finance knowledge from home

Intro to Retirement

Get started early planning for your long term future.

View Course »

Banking Services 101

Understand your bank's services, and how to get the most from them

View Course »

TurboTax Articles

Video: Who Qualifies for an Affordable Care Act Exemption (Obamacare)?

The Affordable Care Act requires all Americans to have health insurance or pay a tax penalty. But, who qualifies for an Affordable Care Act exemption? Find out more about who qualifies for an exemption from the Affordable Care Act tax penalty, how to claim an exemption on your tax return and how the Affordable Care Act may affect your taxes with this video from TurboTax.

Video: How to Claim the Affordable Care Act Premium Tax Credit (Obamacare)

The Affordable Care Act Premium Tax Credit is a new refundable tax credit that can lower your monthly health insurance premiums. If you qualify for the tax credit, you can claim the Premium Tax Credit throughout the year to lower your monthly health insurance premiums, or claim the credit with your tax return to either lower your overall tax bill or increase your tax refund.

Deducting Summer Camps and Daycare with the Child and Dependent Care Credit

If you paid a daycare center, babysitter, summer camp, or other care provider to care for a qualifying child under age 13 or a disabled dependent of any age, you may qualify for a tax credit of up to up to 35 percent of qualifying expenses of $3,000 for one child or dependent, or up to $6,000 for two or more children or dependents.

What Is Schedule H: Household Employment Taxes

If you hire people to do work around your house on a regular basis, they might be considered household employees. Being an employer comes with some responsibilities for paying and reporting employment taxes, which includes filing a Schedule H with your federal tax return. But even if you have household employees, filing Schedule H is required only if the total wages you pay them is more than certain threshold amounts specified by federal tax law.

Add a Comment

*0 / 3000 Character Maximum