Federal prosecutors faced a three-judge panel in an effort to replace the probation sentence of Beanie Babies founder Ty Warner with prison time after the billionaire was found guilty for failing to report more than $24 million to the Internal Revenue Service.
The southern state of Tamil Nadu filed a lawsuit seeking what it claims are unpaid taxes for phone sales from Nokia Corp. The new court filing, separate from an earlier Indian tax claim against the Finland-based company, alleges that Nokia failed to pay appropriate sales taxes for devices made at its phone factory in Chennai. The state is seeking roughly €300 million.
Michael Hoffman, a jeweler in Grand Rapids, MI, is hoping that the court will grant him mercy when he is sentenced on Thursday for filing false corporate and personal income tax returns. The 59-year-old has asked for home confinement and probation, so that his business might survive.
In an unusual turn of events, Beanie Babies founder Ty Warner was shown mercy by a federal judge on Tuesday after being sentenced to two years of probation for failing to pay income taxes on millions of dollars he hid in an offshore Swiss bank account. U.S. District Judge Charles Kocoras read letters of support that he'd received from Warner's many allies detailing his charitable works and acts of kindness, while prosecutors rolled their eyes, unimpressed.
McDonald's came under fire on Tuesday after allegations from the French magazine L'Express claimed the food chain was under investigation by tax authorities for failing to pay taxes on 2.2 billion euros ($3 billion) of income from its 314 French locations.
The Treasury Inspector General for Tax Administration found that almost 1200 IRS vendors, about 7% of all IRS vendors, had almost $600 million in combined federal tax debt!
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.
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 after the trial.
The SEC ended its formal investigation into Sprint Corp.'s sales tax practices without taking action. This decision comes as the New York Attorney General continues to move forward with a case that Sprint failed to collect and pay sales taxes. Sprint says that the SEC opened an investigation in July 2012 and let the company know last month that it has closed the investigation and had no intentions for further action.
Two "Real Housewives of New Jersey" stars were indicted Monday on federal fraud charges. Teresa Giudice, 41, and her husband Guiseppe "Joe" Giudice, 43, have been accused of exaggerating their income while applying for loans before their TV show debuted in 2009, then hiding their improving fortunes in a bankruptcy filing after their first season aired. This is part of a 39-count indictment including charges of conspiracy to commit mail and wire fraud, bank fraud, making false statements on loan applications and bankruptcy fraud.