It is clear that Wesley Snipes is a better actor than he is accountant. This week he was indicted by US officials for tax fraud.

It can also be surmised that Wesley Snipes was not a good High School student because he was either sick or playing hooky and missed the “Common Sense 101” class.

Following some very dubious financial advice he filed an amended Tax Return form for 1997. In the amendment (which you can view) his earnings went from over $19 million to exactly $zero. I am sure that the IRS had a good giggle when they first read it. I am also sure that red lights were flashing.

The rational behind the amendment was something called  the “861 argument” for the section of the tax code to which it refers. This argument has been firmly rejected by the IRS for years. Mr Snipes financial advisers obviously obtained their deep knowledge from some organization like www.real-degrees.for.$100.com

It transpires that Mr Snipes is currently in Namibia, a country whose only previous claim to fame was being the birthplace of Brad Pitt and Angelina Jolie’s baby and the hiding place of U.S. software millionaire Jacob “Kobi” Alexander (who the feds would love to talk to about some stock trading)

The good news for Mr Snipes is that there is no extradition treaty between Namibia and The US. I just hope that Wesley Snipes was not counting on that $7 million tax refund to pay his hotel bill.

The $7 million refund is actually not the biggest problem on Mr Snipes’ ‘to do list’, according to the IRS he has also forgotten to file tax returns for the past 6 years and the estimate is that he owes $12 million. I guess he was just too busy to deal with all that paperwork!

If Mr Snipes opts to return to the US he faces the prospect of a 16 year all expenses paid vacation in a federal facility.

Simon Barrett

http://zzsimonb.blogspot.com
 

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