The founder of Beanie babies, Ty Warner, was recently charged with tax evasion. The charge stems from his ownership of offshore accounts that were not reported to the IRS. He says that he will plead guilty and pay the $53 million fine for IRS tax evasion. According to Warner’s attorney, a plea agreement has already been reached. This will resolve all issues of taxes owed. The $53 million is a penalty for failing to report foreign bank accounts to the IRS. Securities and whistleblower attorneys remind the public that the government is cracking down on those who do not report foreign bank accounts. According to court documents, the defendant opened a secret UBS account in 1996; and he moved $93 million to Zurcher Kantonalbank in 2002. Allegedly, the Zurcher account earned over $3 million in income in 2002 alone. Mr. Warner did not declare the income on his tax returns. He did pay taxes on almost $50 million in 2002, but failed to mention the overseas accounts. According to the IRS, the defendant shorted them by approximately $1.2 million, thus the tax evasion charge. California IRS tax whistleblower lawyers warn the public that they face penalties if they do not comply with tax laws. Securities and whistleblower attorneys say that the government loses millions of dollars in revenue each year from people who do not declare foreign bank accounts. IRS tax evasion penalties can be huge, and can include prison time. The IRS wants taxpayers to join the Offshore Voluntary Disclosure Program. Securities and whistleblower attorneys say that navigating the complex web of tax laws can be a daunting process. Evans Law Firm, Inc. handles whistleblower/false claims, consumer fraud class actions, insurance and banking fraud, consumer product liability, elder abuse, and personal injury cases. If you think that you have witnessed or are the victim of financial fraud by an insurance company, bank or individual then, contact Evans Law Firm, Inc. at (415) 441-8669 for a free and confidential consultation, or email info@evanslaw.com.
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