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Tax Analysts reports that H. Ty Warner, owner of Beanie Babies production company TY Inc., was charged yesterday with federal tax evasion for allegedly failing to report on his 2002 Form 1040 more than $3.1 million in gross income earned through investments in a secret offshore financial account he held with UBS.
Tax Analysts reports that H. Ty Warner, owner of Beanie Babies
production company TY Inc., was charged yesterday with federal tax
evasion for allegedly failing to report on his 2002 Form 1040 more
than $3.1 million in gross income earned through investments in a
secret offshore financial account he held with UBS. Warner also
failed to report that same income on an amended return filed in
November 2007. His amended return reduced the amount of additional
tax that he failed to pay from $1,257,064 to $885,300.
Warner was charged in a felony information; he is cooperating
with the Internal Revenue Service and will plead guilty to tax
evasion and pay a $53.5 million penalty. Forbes lists Warner
as the 589th richest person in the world, worth $2.5 billion.
Warner is the second taxpayer charged in Federal Court in
Chicago in connection with an ongoing investigation of U.S.
taxpayer clients of UBS and other overseas banks that hid foreign
accounts from the IRS.
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