As anyone in New York who has been faced with a large amount of back taxes can tell you, the state takes the situation very seriously when you have tax debt. Tax debt issues and solutions we provide follows, then, that a tax debt amount in the hundreds of thousands of dollars would garner the intense attention of state officials. And when the debtor is a celebrity, then the media coverage of the situation can grow to great heights.
This is what’s going on with Stephen Baldwin, one of the acting Baldwin brothers. Last year, Stephen Baldwin pleaded guilty to failing to file income tax returns for the state of New York in three different years. At the time of the plea, Baldwin owed $400,000 to the state to make up for the delinquency.
That sum would be quite a lot to many New Yorkers, but Baldwin has the ability to repay his debt by virtue of his profession. Baldwin told reporters that he is planning to act and direct in an upcoming film. Earlier this month, he paid $100,000 to the court as part of his payment plan.
With his tax debt, Baldwin paid $100,000 toward his debt when he was convicted in March; he made another payment later in the year as well. With the most recent payment, his original $400,000 is now a fraction of that: $100,000. He has until April to pay that remaining amount. If he doesn’t, he could face jail time.
Tax Debt Issues and Solutions
Not everyone is able to pay back the amount that they owe. New Yorkers facing large amounts of tax debt due to unfiled returns often work with experienced tax attorneys for assistance.