The U.S. Senate Permanent Subcommittee on Investigations will hold a hearing on a crackdown on offshore tax evasion that has stalled as prosecutors conduct criminal probes of 14 banks, including Credit Suisse Group AG.
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.
Raoul Weil, the former head of UBS AG’s global wealth management business, was granted $10.5 million bail after appearing in a U.S. courtroom for the first time to face charges that he helped Americans evade taxes.
Raoul Weil, the former head of UBS AG’s global wealth management business accused of conspiring to help Americans evade taxes, may help U.S. prosecutors rather than go to trial, according to lawyers following the case.
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.