A New Jersey businessman avoided prison after admitting he conspired with five HSBC Holdings Plc bankers to hide his Indian bank accounts from U.S. tax authorities, getting credit for helping prosecutors.
Intuit Inc., the largest seller of personal-finance software, reported fiscal third-quarter sales and profit that topped analysts’ estimates as more customers used Web tools for tax-preparation and other tasks.
A congressional hearing into Apple Inc.’s use of offshore tax shelters called attention to how U.S. companies lower their taxes, and underscored the difficulty Congress confronts when trying to end the practice.
Apple Inc. used “loopholes” to avoid paying $9 billion in U.S. taxes in 2012, U.S. Senator Carl Levin said at a hearing that brought the company’s chief executive officer, Tim Cook, to Washington to defend the strategies.
Republicans defended Mitt Romney against criticism from Democrats that he avoided taxes by keeping money stashed overseas. Those roles are now reversed with the disclosure that President Barack Obama’s pick to run the Commerce Department does the same thing.
House lawmakers say ousted Internal Revenue Service chief Steven Miller failed to fully explain why he didn’t inform them for more than a year that small-government groups seeking tax-exempt status were subject to extra scrutiny.
March 22, 2013 - If you're feeling particularly stressed out this tax season, you're not alone. By waiting until early 2013 to settle many 2012 tax rules, Washington delayed the start of tax season. Taxpayers had to wait longer for correct paperwork, the IRS delayed processing returns and programmers scrambled to update tax software. "It's been chaotic, totally chaotic," accountant Marilyn Niwao says. Blake Christian, a partner at Holthouse, Carlin & Van Trigt, vents: "Legislators have no clue, and they really don't care" about the problems they've caused.
Level Global Investors LP co-founder Anthony Chiasson was sentenced to 6 1/2 years in prison for using illegal tips funneled to him from analysts and company insiders to make more than $68 million for his hedge fund.