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Actor owes $300,000 in back taxes

Massachusetts residents may have heard that Stephen Baldwin has entered into a plea agreement regarding taxes that he owes New York state. In exchange for paying $300,000 within a year's time, Baldwin will avoid carrying around a record for tax evasion.

Stephen Baldwin originally owed taxes, interest and penalties in the amount of $400,000, but according to New York state Supreme Court Justice Charles Apotheker, Baldwin has paid off approximately $100,000 of his tax debt. He admitted in court that he did not pay the state income tax that he owed for the years 2008, 2009 and 2010. He has one year to pay off the rest of the debt that he owes to avoid jail time and a criminal record for the offense, but if he is unable to pay off the $300,000 within that time frame, Baldwin will receive a five-year probation sentence and a five year time frame in which to pay off the remaining debt.

Staying out of jail will allow Baldwin the opportunity to earn the money necessary to pay off the debt. He is the youngest of the Baldwin brothers and is currently on the show "All-Star Celebrity Apprentice." According to Baldwin, he is currently directing a movie in which one of his brothers appears. He stated that his family is not lending any financial support to help him pay off the tax debt. Baldwin stated that he never wanted to avoid paying the taxes that he owed but that he received bad advice that he followed.

Individuals who may fear being charged with tax evasion may talk to a Boston tax attorney to find out about their legal rights. A plea bargain may help them avoid jail time or other serious consequences.

Source: The New York Times, "Stephen Baldwin Admits He Failed to Pay NY Taxes," March 29, 2013

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