FORT WORTH (CBS11) – Mike Snyder, one of the candidates running for Tarrant County Tax Assessor this spring, is paying penalties and interest to the IRS for taking money from personal retirement accounts.
Public documents show a federal tax lien amounted to $67,527.60 in 2015. The unpaid balance covered assessments from 2011 and 2013.
Snyder said Monday the outstanding amount is much lower now after he worked out an agreement with the IRS.
Snyder, well known in North Texas after a career in television news, is one of several Republicans running for the tax position after Ron Wright resigned to run for a seat in Congress.
Snyder explained the tax issue came up after his wife Joanna had a heart attack.
He said he had to close her children’s clothing business, and take money out of retirement accounts to pay medical bills.
He said he used the sale of an Arlington home in 2016 to pay outstanding taxes for that increased income, and only owes penalties and interest.
“This was the best, worst decision that we could make,” he said. “We didn’t want to leave those people unpaid who had worked hard to save my wife’s life.”
Snyder said he has no unpaid taxes in Tarrant County. He no longer owns any property in the state.
Another judgment connected to Snyder of $10,683.44 from 2014, he says is connected to a college loan his son is now paying off.
None of the debts, Synder said, should have any bearing on his run for assessor or his ability to do the job.
“We’re going to work with people to be sure they get their taxes paid, and that their interest and penalty if they accumulated, also get paid,” he said. “It’s exactly the same process I’m going through, and I’m paying my bills.”
Synder’s Republican opponents in the race, Trasa Robertson Cobern, Wendy Burgess and Rick Barnes, have not made an issue of the debts at this point in the primary campaign.
All three told CBS11 Monday any position dealing with public money required a candidate who could demonstrate being financially responsible.