• October 20, 2010

    Trial Ordered In Downey Financial-FDIC Refund Battle

    A bankruptcy judge Wednesday ordered a trial to determine whether the Federal Deposit Insurance Corp. or the estate of Downey Financial Corp. owns a $370 million tax refund, the single biggest asset in the defunct lender’s Chapter 7 case.

  • October 19, 2010

    Jenkens Lawyer Pleads Guilty In Tax Shelter Case

    A shareholder with the now-defunct law firm Jenkens & Gilchrist APC pled guilty on Tuesday to helping wealthy clients escape tax liability by generating billions of dollars in phony losses, as well as to using those strategies to improve his own bottom line.

  • October 18, 2010

    Top Pearlman Salesman Cuts Deal For Up To 16 Years

    The highest-commissioned sales agent in incarcerated boy band impresario Lou Pearlman’s alleged $300 million Ponzi scheme has signed a plea deal that could send him to prison for up to 16 years.

  • October 18, 2010

    US Blasts Movie Gallery Ch. 11 Plan Over Tax Releases

    Movie Gallery Inc.’s liquidation plan has encountered stiff resistance from the U.S. government over the treatment of the movie rental chain’s tax liabilities and the plan’s broad release provisions.

  • October 14, 2010

    Payroll Execs Bilked $20M From SanDisk, Others: Feds

    Two executives at Long Island, N.Y.-based payroll company Ingentra HR Services Inc. have been charged with bilking SanDisk Corp., Sacramento County, Calif., and others of more than $20 million that was meant for tax payments.

  • October 13, 2010

    WaMu Gets $4.8B From Treasury In Tax Settlement

    Washington Mutual Inc. confirmed Wednesday that the U.S. Treasury Department has put $4.77 billion into an escrow account as part of a settlement the failed bank reached with the Internal Revenue Service over billions in expected tax refunds.

  • October 11, 2010

    Life Insurers Face 3rd Complaint In Tax Shelter Case

    A putative class of plaintiffs accusing several life insurance companies of marketing an employee-defined benefit plan that was also an illegal tax shelter is urging a judge to reconsider claims against the companies that have twice been thrown out of court.

  • October 1, 2010

    Sens. Push For Billions In New Energy Tax Incentives

    Sens. Jeff Bingaman, D-N.M., and Olympia Snowe, R-Maine, have introduced an energy tax incentive bill that would make $2.5 billion in credits available to manufacturers for investments in renewable and other advanced energy projects.

  • September 30, 2010

    Doeren Mayhew Execs Can't Dodge $250M Ponzi Suit

    Two executives at accounting firm Doeren Mayhew & Co. PC, along with their wives, have lost a series of bids to throw out a civil suit accusing them of helping alleged Ponzi schemer Edward May cover up a purported $250 million fraud.

  • September 29, 2010

    US, Texas Object To Aegis Mortgage Ch. 11 Plan

    The U.S. government and the Texas counties of Dallas and Harris have objected to Aegis Mortgage Corp.'s restructuring plan, saying it does not provide for interest on back taxes.

  • September 28, 2010

    Treasury Proposes Money Transfer Reporting Rule

    In effort to crack down on money laundering and terrorist financing, the U.S. Department of the Treasury has unveiled a proposed rule that would require banks to provide weekly reports of certain cross-border electronic money transfers.

  • September 28, 2010

    Claims Pared In Bryan Cave Tax Shelter Class Action

    Bryan Cave LLP and a unit of American Express Co. have convinced a court to dismiss civil conspiracy and aiding and abetting fraud claims in a putative class action over their roles in marketing an employee-defined benefit plan that allegedly created an illegal tax shelter.

  • September 28, 2010

    Bill To Keep Jobs In US Hits Snag In Senate

    The U.S. Senate failed Tuesday to move forward with a bill aimed at keeping U.S. companies from moving jobs and manufacturing offshore by offering tax perks to employers that replace foreign workers with American ones and raising taxes on companies that import goods made by foreign subsidiaries.

  • September 27, 2010

    IRS Loosens Corporate Tax Disclosure Requirements

    The U.S. Internal Revenue Service has said it plans to loosen up requirements for companies that will have to disclose information about their reported tax savings under a new rule.

  • September 24, 2010

    Convicted Tax Fraudster Denied Acquittal, New Trial

    A federal judge has shot down a request to acquit former Bank One Corp. executive John Ohle of convictions on charges of tax evasion and conspiracy stemming from an alleged scheme that netted him more than $10 million.

  • September 24, 2010

    Calif. Reps Call For Probe Of Biovail-Valeant Deal

    A pair of California lawmakers is asking the U.S. Department of Justice and the Securities and Exchange Commission to investigate the proposed $3.2 billion merger between U.S.-based Valeant Pharmaceuticals International and Canada's Biovail Corp., saying the deal takes advantage of an international tax treaty.

  • September 24, 2010

    US Stays On Sidelines In Chiquita FCA Suit

    The U.S. government has decided not to intervene in a qui tam False Claims Act lawsuit brought against Chiquita Brands International Inc. by a former employee who has accused the company of submitting false entry invoices to U.S. Customs and Border Protection and then firing him after he raised concerns about the practice.

  • September 22, 2010

    DOJ Targets $268M Hedgeloan Securities Plot

    The U.S. Department of Justice has sued three East Coast investment firms in an effort to shut down what the agency described as a nationwide tax and loan scheme that involved the disguised sale of more than $268 million in securities.

  • September 21, 2010

    Octogenarian Ex-UBS Account Holder Gets Probation

    A federal judge on Tuesday sentenced a retired watch seller to one year of probation for hiding nearly $42 million in an overseas account held by UBS AG.

  • September 21, 2010

    Class Cert. Denied In H&R Block Warranty Action

    A federal judge has blocked plaintiffs' bid for class certification in a suit accusing H&R Block Tax Services Inc. of deceptive marketing for selling an extended warranty on its services that customers didn't really need.