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.
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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.
The government shutdown, which went into effect on Tuesday, October 1, 2013, impacts many tax cases, which are in litigation status and are currently pending in the United States Tax Court, as well as those cases, which have a deadline for filing a Tax Court petition to protest an IRS Notice of Deficiency or Notice of Determination.
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.