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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.