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Tax Evasion without Imprisonment?

Beanie Baby creator H. Ty Warner's sentencing for tax evasion left him on probation, but the recent appeal filing seeks to change his fate. Jeffrey S. Freeman, J.D., LL.M In September 2013 H. Ty Warner, creator of the mid-'90s craze of animal-shaped Beanie Babies, was charged with federal tax evasion stemming from an illegal offshore account kept in Switzerland. Warner, 69, of Oakbrook, Illinois grew up poor, but made quite the fortune from Beanie Babies. Forbes recently estimated Warner's new worth at $2.6 billion. Despite his enormous fortune Warner failed to report all of his earned income. U.S. taxpayers are required by federal law to pay taxes on all income, regardless of the country in which it was earned. Warner was accused of failing to report income earned from his offshore Swiss bank account. According to court filings, Warner attempted to evade approximately $885,300 in income taxes for the calendar year 2002. U.S. Attorney for the Northern District of Illinois, Gary S. Shapiro, stated that "Warner went to great lengths to hide from his accountants and the IRS more than $3.1 million in foreign income generated in a secret Swiss account. Such conduct invites federal prosecution." Under federal sentencing guidelines, [...]

By | 2017-01-01T11:28:12+00:00 April 16th, 2014|Freeman Tax Law|Comments Off on Tax Evasion without Imprisonment?