Internal Revenue Service

Stories 81 - 100 | << Prev   Next >>

UBS Refuses to Hand Over Names of US Tax Cheats

Bank charges IRS is trying to trample on Swiss laws

(Newser) - Swiss bank UBS has rejected a demand from the IRS that it cough up the names of 52,000 suspected American tax evaders, the Times of London reports. The bank—which paid out $780 million to avoid prosecution for helping rich Americans dodge their taxes—said the lawsuit by the...

Cash-Strapped IRS Slashes Evasion Penalty

(Newser) - In an effort to increase revenue, the Internal Revenue Service is relaxing penalties on offshore tax evaders in hopes they will come forward, the New York Times reports. A penalty that was 50% of offshore holdings will drop as low as 5%. “They need to get money back into...

IRS Challenges AIG's Offshore Tax Deals

(Newser) - The IRS is challenging a series of tax-skirting deals engineered by the much-maligned AIG Financial Products unit, the Wall Street Journal reports. The deals exploited differences in international tax codes to reduce tax payments for foreign banks—many of the same banks the US government would later pay to settle...

5 Tax Scams: Do They Work?
 5 Tax Scams: 
 Do They Work? 
Mar 20, 2009 6:34 PM CDT

5 Tax Scams: Do They Work?

(Newser) - Cheating the IRS is illegal and dumb. That said, Details asked attorney Kelly Phillips Erb—who keeps a blog that welcomes cheaters—to evaluate a few of the more popular scams. "I find their logic interesting," Erb says.
  • Hide Your Gambling Winnings: Doable, but a score of
...

AIG Sues US Over Tax Payments

(Newser) - Even as Washington rails against AIG’s bonus giveaway, the insurer is quietly suing the government for $306 million in tax payments, the New York Times reports. AIG’s case hinges largely on its use of offshore tax havens, including one entity that handles executive compensation. It also says it...

US Demands UBS Cough Up 50K Tax Cheat Clients

Swiss bank stunned by number in court filing

(Newser) - The Justice Department has stunned UBS with a demand for the names of 52,000 clients believed to be American tax dodgers, reports the Wall Street Journal. The Swiss bank had expected to be asked for 20,000 names, but a court filing yesterday stated that an IRS investigator had...

Swiss Bank Will Give Names of US Tax Dodgers

(Newser) - Switzerland's biggest bank admitted today that it helped wealthy US customers evade their taxes, the Wall Street Journal reports. UBS set up shell companies and fake trusts for customers so they could hide their accounts from the IRS. The company will pay $780 million in fines and turn over the...

As US Cracks Swiss Secrets, UBS Clients Cop to IRS

Tax evaders taking agency's amnesty deal rather than risk being caught

(Newser) - The IRS is getting an unexpected boon from a Justice Department probe of Swiss bank UBS: Some of its wealthy US clients are owning up to offshore accounts to take advantage of the agency’s amnesty offer, the Wall Street Journal reports—a blow to the secrecy that has made...

Paulson Slipped Banks Quiet $140B Tax Break

Reversal of 20-year-old tax law allows banks to shelter profits

(Newser) - While Congress and the nation were busy debating the $700 billion bailout package in late September, Treasury issued a five-sentence notice that could reap banks up to $140 billion in tax breaks, the Washington Post reports. The provision reverses an obscure policy written into law more than 20 years ago...

IRS Loosens Deadlines For Taxpayers Pummeled by Ike

Fall dates for filing and tax payments pushed back to Jan. in Texas, La.

(Newser) - Taxpayers in Texas counties and Louisiana parishes hit by Hurricane Ike will get until Jan. 5 to take care of tax filings and payments due this fall, the Internal Revenue Service said today. The IRS said the deadline extensions apply to 29 Texas counties and 14 Louisiana parishes declared presidential...

Firms Gamble Pensions to Fund Exec Perks

Rank-and-file benefits may be at risk as companies use tax loophole

(Newser) - Companies from CenturyTel to Intel are funneling pension benefits to retired executives at the expense of workers, using a practice that potentially violates tax rules and puts pension plans at risk, reports the Wall Street Journal. Hundreds of millions of dollars in long-term benefits pegged for executives are draining plans...

Feds Battle UBS to Give Up Tax Dodgers

Swiss bank pressed for names of US customers

(Newser) - The Justice Department is pressing UBS for the names of suspected tax dodgers with secret bank accounts in Switzerland, the New York Times reports. Federal authorities believe the Swiss bank may have helped up to 20,000 Americans stash $20 billion in offshore accounts, evading hundreds of millions in taxes....

Illegal Immigration Spurs Identity Theft
Illegal Immigration
Spurs Identity Theft
ANALYSIS
May 18, 2008 6:15 PM CDT

Illegal Immigration Spurs Identity Theft

But many federal agencies aren't doing enough, City Journal says

(Newser) - Identity theft and illegal immigration are not only keeping cops busy, they're often linked, Steven Malanga writes in City Journal. Illegals are known to swipe US workers' data to obtain jobs or commit crimes, and the top five states for identity theft have large immigrant populations. But efforts to stop...

No Rebates for Immigrant Taxpayers—or Yank Spouses

Caught in rules designed to cut illegal immigrants

(Newser) - Hundreds of thousands of legal, taxpaying immigrants and their Americans spouses are among the unhappy few who won’t be getting a tax rebate check, AP reports. Taxpayers need a Social Security number to qualify—a rule intended to carve out illegal immigrants. Also inadvertently cut from the benefit are...

Will Tax Rebates Boost Economy? Test Starts Today

The government has begun sending out the first cash

(Newser) - The first tax rebates designed to kick-start the economy should begin arriving in bank accounts today. The Treasury Department has begun sending electronic rebates to nearly 8 million people by the end of this week, and some 130 million checks will go out via snail mail in May. President Bush...

Snipes Gets 3 Years in Prison
 Snipes Gets 3 Years in Prison 
Apr 24, 2008 5:21 PM CDT

Snipes Gets 3 Years in Prison

Judge gives actor maximum sentence in federal tax case

(Newser) - A Florida judge today sentenced Wesley Snipes to the maximum 3 years in federal prison for failing to file his taxes, WESH-TV of Orlando reports. Snipes received no fine, though he could have been hit for $5 million. During sentencing, the judge noted the actor's long history of ignoring tax...

Denzel, Others Go to Bat for Snipes
Denzel, Others Go to Bat
for Snipes
Apr 23, 2008 9:35 PM CDT

Denzel, Others Go to Bat for Snipes

He's a 'mighty oak,' judge told; sentencing in tax case tomorrow

(Newser) - Wesley Snipes is not merely an actor trying to get out of a jail sentence on tax charges. He is a "mighty oak," says Denzel Washington. "True citizen of the world," says Woody Harrelson. "Goodness in his heart," says Judge Joe Brown. Snipes is...

Top 10 Celebrity Tax Troubles
 Top 10 Celebrity Tax Troubles 
Apr 15, 2008 5:39 PM CDT

Top 10 Celebrity Tax Troubles

Wesley Snipes, Willie Nelson (among others) no strangers to the IRS

(Newser) - Tax day can be a hassle, but at least most of us don't have to worry about the glare of the media spotlight, too. Access Hollywood rounds up the top 10 celebrity tax controversies.
  1. Damon Dash: New York State billed the music mogul $2 million.
  2. Joe Francis: Girls Gone Wild
...

Gov. 'Met 8 Women for $80K Sex'
Gov. 'Met 8 Women for $80K Sex'
Mar 12, 2008 6:26 AM CDT

Gov. 'Met 8 Women for $80K Sex'

He was a 'good tipper,' says purported Spitzer 'escort'

(Newser) - New York Gov. Eliot Spitzer had eight or more trysts with prostitutes from the Emperors Club escort agency over the last several years, a source has told Newsday. The sexual encounters, costing as much as $80,000 in cash, unfolded in hotels in Washington, Florida and elsewhere. Spitzer allegedly paid...

IRS May Block Popular Instant Refunds

Proposed change aims to curb fraud, steep loan rates

(Newser) - The IRS may stop big tax-preparation firms from offering instant refund loans to curb potential fraud, Bloomberg reports. Such loans are popular with taxpayers who don't want to wait weeks for a check, but interest is often steep and consumer groups have been pushing for a crackdown. The proposed change...

Stories 81 - 100 | << Prev   Next >>