Patricia Hough, according to her lawyers, is an altruistic psychiatrist who helped her husband build two Caribbean medical schools. To prosecutors, she is a tax cheat who used offshore accounts to avoid paying taxes on millions of dollars from the schools’ sale.
The U.S. Justice Department has lost almost 30 percent of its tax prosecutors in the past month, slowing a U.S. crackdown on offshore banks that enabled tax evasion, according to four people familiar with the matter.
A former UBS AG client pleaded guilty to using Swiss bank accounts to hide more than $43 million from the Internal Revenue Service in the largest individual offshore tax evasion case since a U.S. crackdown began in 2008.
Lauryn N. Hill, the Grammy-winning singer who admitted failing to pay three years of income tax, was granted an adjournment of her sentencing so that she can make a criminal restitution payment of $504,000.
Royal Bank of Scotland Group Plc’s interest-rate traders were seated with one of the main rate setters in its London office to share information, and discussed rates on conference calls, a fired trader said.
Senator Rand Paul is blocking an amendment to a U.S.-Swiss tax treaty, slowing Switzerland’s handover of data on thousands of Americans with bank accounts hidden from the U.S. Internal Revenue Service.