The late 1990s and early 2000s may already seem like a different era. When you think back to what was popular at that time, Beanie Babies may come to mind. The plush stuffed animal bean bags seemed to be everywhere and the creator of this fad, Ty Warner, seemed to be successful.
Now, however, the IRS has charged Mr. Warner with tax evasion. More specifically, the federal Department of Justice alleges that Mr. Warner had more than $93 million in a secret offshore account from 1996 to 2002, and that in 2002 Mr. Warner failed to pay more than $1.2 million in taxes that were owed on the income from that account.
Last month it was reported that Mr. Warner will plead guilty to the federal tax evasion charges against him and that he will pay more than $53 million in civil penalties. It is not yet clear whether he will also face jail time for his alleged tax evasion charges. The maximum sentence for the charges is reported to be five years in prison.
Mr. Warner’s current net worth is estimated to be $2.6 million. His case is just the latest example of wealthy Americans with offshore accounts who are being investigated by the IRS for alleged tax evasion.
If you are facing tax evasion charges in Oklahoma, then our Oklahoma tax lawyers want you to know that a constitutional argument will get you nowhere. We encourage you to read our FREE library article, “Think the U.S. Constitution Disallows the Income Tax? The IRS Disagrees” and to contact us directly for help with your specific problems.