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.
IRS Rescinds Amnesty Approval for Bank Leumi Clients
Court Allows IRS to Serve Summons on UBS Seeking Data on Wegelin Customers
Wegelin & Co, the oldest Swiss private bank, will shut down permanently after more than 250 years of operations, following its guilty plea to U.S. charges of helping Americans to evade taxes through secret accounts.
Tax Preparers Indicted for Tax Fraud Using Israeli Bank Accounts
This case is another example of the government’s efforts to crack down on the offshore tax evasion and enforce FBAR rules. Although not every case where a foreign bank account was not properly reported bears a high risk of criminal prosecution, those type of situations are very sensitive and taxpayers with undeclared foreign bank accounts are encouraged to consult tax attorneys in order to evaluate their options.