No prison time for Beanie Babies founder Ty Warner despite the fact that he pleaded guilty to tax evasion related to hiding more than $100 million in a UBS Swiss bank account.
IRS Statistics Show Increase in Criminal Investigations and Tax Collection, Decrease in Audit Rates
As the December 31st deadline is approaching, about a dozen of Swiss banks have indicated that they are entering the DOJ Program for Swiss Banks.
In the most recent case of government’s crackdown on offshore tax evasion, a Florida psychiatrist, who together with her husband founded two Caribbean medical schools, was found guilty of conspiring to defraud the Internal Revenue Service and filing false tax returns.
The government shutdown, however, does not mean that you get a free pass from filing and paying your taxes. During the government shut down all tax laws remain in effect, and all taxpayers should continue to meet their tax obligations, including timely filing of the extended tax returns by October 15, 2013. During the government shutdown, the IRS will continue to accept and process all tax returns with payments but will not issue refunds.
Department of Justice announced that Ty Warner, creator of Beanie Babies, was charged with federal tax evasion for allegedly failing to report income he earned in a secret offshore financial account he held with UBS in Switzerland. Warner ranks as # 209 on the Forbes list of richest Americans.