Tax Evasion | featured news

Owner of Mystic Pizza pleads guilty to tax charges

The owner of the Mystic Pizza restaurant made famous in a 1988 movie has pleaded guilty to federal tax charges.

Senh: Man, pay your taxes. Or go to jail.


Where do more tax cheats live? South and West, IRS study shows

IRS - NBC News

Worried the Internal Revenue Service might target you for an audit? You probably should be if you own a small business in one of the wealthy suburbs of Los Angeles. You might also be wary if you're a small-business owner in one of dozens of communities near San Francisco, Houston, Atlanta or the District of Columbia.


Luxembourg agrees to help fight tax cheats

Tax Forms

Luxembourg says it will exchange information with the rest of Europe to help fight tax evasion. The initiative, which is to start in 2015, follows international pressure on Luxembourg to end its policy of banking secrecy that critics say has helped people hide money from tax authorities. Luxembourg, a tiny country of half a million people, boasts a huge financial industry with more than 3 trillion euros ($4 trillion) in assets.


Wesley Snipes released from prison

Wesley Snipes - CNN

Actor Wesley Snipes has been released from a federal prison where he was serving a three-year sentence after being convicted on tax charges in February 2010.


Billionaire hedge fund manager Paulson Leads Funds to Bermuda Tax Dodge Aiding Billionaires

Last year, about $450 million belonging to top executives at billionaire hedge fund manager John Paulson’s New York firm took a quick round trip to Bermuda. In April, the executives sent the money to a reinsurance company that they’d set up on the island 650 miles off the North Carolina coast. By June, the Bermuda company, which has no employees and sells far less reinsurance than the industry norm, had sent all the cash back to New York, to be invested in Paulson & Co. funds.


Threatened by isolation, Switzerland lifting veil on secret bank accounts

Swiss Banks

For decades, Switzerland was the place where money went to hide. Cash sent to its mountain aeries was protected by some of the strictest secrecy laws in the world.


Former Italian Prime Minister Berlusconi gets 4 years for tax evasion

Silvio Berlusconi

A court in Milan Friday convicted former Premier Silvio Berlusconi of tax fraud and sentenced the media mogul to four years in prison, his first prison sentence in years of criminal probes. The 76-year-old billionaire businessman -- who just two days ago said he would not run in Italy's spring election -- is expected to remain free until the appeals process is exhausted. In Italy, cases must pass two levels of appeal before verdicts are final.


Koch Employee Says Billionaire Kidnapped & Interrogated Him

Billionaire William Koch imprisoned and interrogated one of his executives at a secluded Aspen ranch, under a sheriff's guard, because the executive suspected Koch's companies of tax evasion, the employee claims in Federal Court.


Microsoft, HP skirted taxes via offshore units: Senate panel


Technology giants Microsoft Corp and Hewlett-Packard Co used offshore units to shield billions of dollars from U.S. taxes by taking advantage of loopholes and stretching the limits of the tax code, a U.S. Senate panel said on Thursday.


IRS pays whistleblower $104 million

Bradley Birkenfeld

The Internal Revenue Service has awarded an ex-banker $104 million for providing information about overseas tax cheats -- the largest amount ever awarded by the agency, lawyers for the whistleblower announced Tuesday.


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