Archive | September, 2013

Beanie Baby Creator Ty Warner Charged with Tax Evasion

September 21, 2013  |   Posted by :   |   Tax Evasion,Unreported Income,Voluntary Disclosure   |   0 Comments

Ty Warner, billionaire founder of Beanie Babies toys, after a failed attempt to enroll in the IRS Offshore Voluntary disclosure Program, has been charged with federal tax evasion and has agreed to pay a $53.5million penalty for failing to report income earned in a secret offshore account held at UBS in Switzerland. Warner, ranked 209th […]

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Michael Jackson Estate Has a Big Tax Problem

September 19, 2013  |   Posted by :   |   IRS Tax Audits   |   0 Comments

The estate of Michael Jackson has a big tax problem. The IRS audited Jackson’s Estate Tax Return (Form 706) and disputed the reported value of a major asset i.e. Jackson’s image and likeness valued at $2,105; the IRS disagreed and valued it at $430million. The estate faces potentially hundreds of millions of dollars in tax, […]

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International Tax Evasion & Money Laundering – 2013 Update

September 10, 2013  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

For those U.S. taxpayers who do not pay tax on their earnings they face civil tax fraud and criminal tax evasion penalties (both fines and jail terms). If the untaxed earnings are from assets held offshore then criminal penalties increase geometrically and may include: 1) Willful Tax Evasion (IRC 7201) 2) Obstruction of Tax Collection […]

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