Baldwin has agreed to plead guilty to a felony tax charge for failing to file income tax returns for the years 2008, 09 and 10, according to AceShowbiz.

The actor will be required to make an admission in court and pay $350,000 in back taxes and penalties within a year to avoid going to jail.

"He's happy that he's not going to jail. He's happy the District Attorney's office saw it was in Rockland County's best interest to have Steve remain a productive member of society," Baldwin's lawyer, Russell Yankwitt, says.

"He's upset he got into this situation in the first place by depending on others...he simply was running around trying to make a living and relying on others," he added referred to an accountant and attorney he reportedly thought was taking care of things for the actor.

AceShowbiz reports that Yankwitt says that if the actor pays back the $350,000 within a year, the case will be discharged.