So I’m sure he’s really sad about all this.
lieu
September 18, 2013, 6:17pm
3
He failed to pay taxes of $885,000 on foreign income of $3,100,000 so his civil penalty is $53,500,000?
Dayum.
PSXer
September 18, 2013, 6:23pm
4
He should just sell a few rare beanie babies to raise the cash
Avoision. I don’t say evasion, I say avoision!
lieu:
He failed to pay taxes of $885,000 on foreign income of $3,100,000 so his civil penalty is $53,500,000?
Dayum.
Wait, what?
I, for one, would leave the country and spit on my citizenship on my way out.
That’s horse shit. It can’t be accurate, can it?
lieu
September 18, 2013, 6:44pm
7
This happened in 2002 so, although unmentioned, there certainly would be penalties and interest on that unpaid $885,000, but… dayum.
ZipperJJ:
Yeah, but how much of that is liquid? I suspect a bunch of his toys, and I don’t mean Beanie Babies, will be hitting auction blocks soon.
Yeah, but how much of that is liquid? I suspect a bunch of his toys, and I don’t mean Beanie Babies, will be hitting auction blocks soon.
Oh, no doubt. But I bet people buy the extra toys so they can have some to spare when the law comes a 'knockin. I wonder if they keep a priority list with their lawyers, of favorite to least favorite, so the lawyers know which toys can go first?
lieu:
He failed to pay taxes of $885,000 on foreign income of $3,100,000 so his civil penalty is $53,500,000?
Dayum.
This article has some more details:
Ty Warner, the Chicago-area entrepreneur who became a billionaire creating Beanie Babies stuffed plush toys, has been charged with felony tax evasion by federal authorities and** has agreed to plead guilty and pay a $53.5 million penalty,** federal officials and Warner’s attorney said in separate statements Wednesday.
~
In December 2002, Warner transferred the assets in his UBS account to a second Swiss financial institution, when the account had a balance of $93.6 million. The $53 million civil penalty is half of the high balance during the relevant time period.
~
Individual tax returns, forms 1040, are signed under penalties of perjury.form with the IRS can result in a civil penalty of up to 50 percent of the amount in the account at the time of the violation.
~
**Tax evasion carries a maximum penalty of five years in prison and a $250,000 fine. ** Warner will be arraigned in a federal court on a date yet to be determined.
A defendant convicted of tax offenses also faces mandatory costs of prosecution and remains civilly liable to the government for back taxes, as well as a potential civil fraud penalty of up to 75 percent of the underpayment plus interest. Federal tax law requires U.S. taxpayers pay taxes on all income earned worldwide.
So basically, he pleaded guilty to avoid jail time, and they gave him the biggest penalty possible.
AlsoNamedBort:
This article has some more details:
So basically, he pleaded guilty to avoid jail time, and they gave him the biggest penalty possible.
Ah, so it was the hiding of the cash that got him nabbed.
Man our financial system needs an overhaul…
