Who would’ve thought that someone able to create such sweet and loveable toys would also plead guilty to tax evasion? That’s just what millionaire businessman, Ty Warner, the creator of Beanie Babies, did on Wednesday. Warner was charged with federal tax evasion for failing to report income he earned in […]
If sugary drinks are your bread and butter then you may not be too happy with the Mexican government’s proposal to penalize sugary beverages with a special tax in an attempt to contain obesity and Type 2 diabetes. Mexico would be following the example of France and Hungary by taxing […]
Edgar A. Lockett Jr., 70, was convicted on Friday of six counts of tax evasion by an Amarillo jury after failing to pay more than $1.4 million in income taxes. Lockett, an anesthesiologist, faces up to five years in prison and was taken into custody of the U.S. Marshals Service […]
Criminal tax charges against a business owner can severely impact both the person who is charged and the business itself. A recent Texas case provides an example of the potentially double-sided consequences. The case concerns the owner of several popular nightclubs in Austin. In January of this year, the nightclub […]
In practice, one tax audit does not necessarily lead to another. Just because the IRS has conducted an audit on one year’s return doesn’t mean it will go back and audit your return from the year before or after that. A new report by the Treasury Inspector General for Tax […]
In the last few years, U.S. authorities have stepped up their efforts on multiple levels to crack down on a perceived problem with the use of offshore accounts to evade U.S. taxes. One of these levels has been to offer incentives for taxpayers with undisclosed foreign accounts to participate in […]
Thursday’s ruling by federal officials marks an historic turn for same-sex couples married in states that recognize their union. These couples will now be treated as married for federal tax purposes, no matter where they choose to live. Gay rights advocates applaud the ruling, but it could lead to complications […]
Income tax fraud based on identity theft has been a major problem in recent years. The entire country has been affected and the problem is still ongoing. Indeed, as we shall discuss in this post, tax fraud by identity theft tops the list of tax-scam warnings issued this year by […]
Regulators say that auditors of broker-dealers are lacking in their performance when it comes to compliance with independence requirements and other accounting rules, citing “disappointing” results for the second year in a row. The Public Company Accounting Oversight Board, which oversees audits of public companies, found deficiencies in a review of audit […]
In a previous post, we discussed how the requirement to make estimated tax payments applies to small businesses. As we mentioned in our July 2 post, self-employed individuals must also make estimated tax payments each quarter. In today’s post, then, let’s focus on the applicability of self-employment tax to individuals. […]