Stephen Baldwin charged with failing to file taxes, could face 4 years in prison

Stephen Baldwin has some serious tax troubles.

Rockland County District Attorney Thomas Zugibe said Baldwin owes more than $350,000 in taxes and penalties. He said Baldwin was arraigned Thursday on a charge of repeated failure to file tax returns.

"At a time when Rockland County and New York State face severe fiscal shortfalls, we cannot afford to allow wealthy residents to break the law by cheating on their taxes," he told TMZ.

Baldwin pleaded not guilty and was released without bail.

Baldwin could face up to four years in prison if convicted, the D.A. said. The actor is due back in court on Feb. 5.

This is just the latest drama for Baldwin, who has had a series of money-related issues in recent years.  The actor filed for bankruptcy in 2009, TMZ reported.

The 46-year-old Baldwin is the youngest of the acting Baldwin brothers. He starred in 1995's "The Usual Suspects" and appeared in 1989's "Born on the Fourth of July."

The Associated Press contributed to this report.