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September 2013 Archives

Swiss bank account gets Beanie Babies creator in trouble

Residents of Massachusetts may be interested in a tax evasion case involving the creator of Beanie Babies. The billionaire developer of the massively popular plush toys recently pleaded guilty to charges of tax evasion. After failing to report earnings from an offshore bank account to the Internal Revenue Service, he will now have to pay a fine of $53 million and could face up to five years in prison.

New IRS laws to impact restaurants

Restaurants in Massachusetts will be having to deal with new rules regarding the way that the Internal Revenue Service handles some tips for waiters. The IRS will now classify a number of waiters' tips as taxable income to the restaurant instead of considering them to be self-reported tips. Under this new policy, according to a recent article in the Wall Street Journal, tips that are automatically included by restaurants in the bill for large tables will now be considered taxable service charges.

Expats from Boston caught in Swiss bank move against tax evasion

A group of U.S. citizens, including Boston natives, living in Switzerland, said that they've been labeled tax dodgers. This was in reaction to a move by Swiss banks to prevent tax evasion through its secret accounts. The deal required banks to reveal data about clients and pay fines that reached up to $1 billion, spelling out even bigger trouble for actual tax evaders. That trouble came in the form of fines, penalties and possible prosecution if that information disclosed their identities to the Internal Revenue Service.

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