Cardiologist Settles 15 Years Worth of Tax Debt for $7.9 Million

A North Carolina cardiologist has agreed to pay $7.9 million to settle 15 years’ worth of unpaid income taxes, penalties, and interest, according to a filing in the US District Court for the Eastern District of North Carolina.

Franklin Wefald filed a motion for consent judgment Monday in the suit seeking to reduce the debt for unpaid taxes from 2007 through 2021 to judgment.

A reduction to judgment means the government aims to suspend the statute of limitations on a collections action for a tax debt it believes is recoverable.

Wefald also agreed to pay about $4,200 for an unpaid ...