On November 20, 2018, the IRS issued a Memorandum, describing the process for all voluntary disclosures following the closing of the 2014 OVDP on September 28, 2018. The new procedures are effective for all disclosures after September 28, 2018. Under the new procedures, the taxpayers with hidden foreign bank accounts, whose behavior may be considered willful, will find stricter requirements and higher penalties.
Beanie Babies Founder Ty Warner Receives No Prison Time Despite Concealing over $100 million in UBS Swiss Bank Account
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.