Monthly Archives: September 2013

Creator of Beanie Babies Pleads Guilty to Tax Evasion

H. Ty Warner, the creator of Beanie Babies pleaded guilty to offshore tax evasion today. Mr. Warner has agreed to plead guilty to a single count of tax evasion and to pay a $53 million FBAR penalty. Despite his cooperation with the Department of Justice, tax evasion carries a maximum ...

Massachusetts DOR To Defer Compliance with the “Tech Tax”

Boston, September 13, 2013. The Massachusetts Department of Revenue (“DOR”) will formally announce deferral of compliance with the Massachusetts “tech tax” early next week, according to reliable and informed sources. The deferral announcement is expected at least several days before the September 20, 2013, due date ...

Agreement to Repeal Massachusetts “Tech Tax” Announced

Boston, September 12, 2013. Speaker Robert DeLeo and Senate President Therese Murray announced their agreement to repeal the “tech tax” at a joint news conference this morning. A vote will be scheduled, perhaps within weeks. The Massachusetts Taxpayers Foundation intends to hold off on gathering signatures on its ...

“Tech Tax” Heading Towards Repeal

Boston, September 11, 2013. Governor Deval Patrick added his voice to those calling for the repeal of the “tech tax” in remarks to reporters at a speaking event in Worcester yesterday (Boston.com). Governor Patrick cited the harm done to Massachusetts’ reputation as a center of innovation ...

Repeal of Massachusetts “Tech Tax” May Be Imminent

Boston, September 4, 2013. The repeal of the so-called “tech tax” on certain computer system design and software services may be imminent. Key indicators include wavering support of the “tech tax” among rank-and-file state senators and representatives and cautious support for repeal by politically-wired presidents of chambers of commerce. The “tech tax” is being brought down by a combination of factors:

U.S. and Switzerland Close to Bank Information-Sharing Deal

According to The Wall Street Journal, the U.S. and Swiss governments are now close to an agreement on a comprehensive plan that would allow Swiss banks to settle with U.S. authorities regarding accounts held by U.S. tax evaders without violating Swiss bank secrecy laws.[1] On June 19, 2013, Swiss parliament rejected a similar deal that would have allowed Swiss banks to settle with United States Department of Justice by revealing some information about the banks’ U.S. account holders (without revealing names of individual accountholders). The Swiss Parliament rejected the prior deal in large part because of the lack of transparency regarding the potential fines to which cooperating banks would be subject and the nature of the information that these banks would be required to disclose to the U.S.[2] Unlike the deal that was rejected by Swiss Parliament in June, the current proposal does not require parliamentary approval.[3]

An Editorial Published by our Firm’s Managing Director, Morris N. Robinson, Esq., CPA, LL.M Published in the Boston Business Journal

An editorial on Massachusetts’ new ‘tech tax’ by Attorney Morris N. Robinson, LL.M., CPA, Managing Director of M. Robinson & Company, Tax Law Specialists, was published in the August 23rd edition of the Boston Business Journal (page 38).