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A&A

Ex-KPMG Partner Faces Twenty Years in Prison for Securities Fraud

A former senior audit partner at KPMG LLP agreed to plead guilty on May 28 to a securities fraud charge for his role in an insider trading case involving a Los Angeles jewelry store owner.
Tax

Boy Scouts May Lose Tax Breaks if California Senate Bill Passes

California lawmakers are expected to vote this week on California Senate Bill (SB) 323, which would deny state tax breaks to youth groups that discriminate on the basis of sexual orientation, gender identity, or religious affiliation.
Tax

Mary J. Blige Is Singing the Taxman Blues

She's a nine-time Grammy winner and a phenomenally successful R&B singer. But for reasons that aren't apparent, Mary J. Blige and her husband, Martin Isaacs, are buried in tax and financial troubles.
Tax

Lois Lerner, EO Director, Takes the Fall in IRS Scandal

The "Tea Party scandal" at the IRS has claimed another victim: Lois Lerner, director of the IRS Exempt Organizations (EO) division, has been placed on administrative leave after refusing to resign. Ken Corbin was promptly named the EO acting director.
Tax

Controversy Swirls Around Hearings on IRS Scandal

After the initial round of hearings held by three congressional committees this week, at least we know the IRS wrongfully targeted conservative "tea party" groups applying for tax-exempt status. But precious little else has been revealed.
Tax

IRS Official Lois Lerner Pleads the Fifth before House Oversight Committee

Lois Lerner, director of the IRS Exempt Organizations division, chose to invoke her Fifth Amendment right against self-incrimination before the House Oversight and Government Reform Committee on May 22.
Tax

Crime Watch: May 22, 2013

Michael Parker of Baltimore, Maryland, who was the COO of TransCapital Corporation, a tax-advantaged investments company based in Virginia, was sentenced May 20 to fifty-four months in prison in KPMG tax shelter case.
Tax

Beyoncé's Father and Former Manager under Heavy Tax Debt

Matthew Knowles, music executive, television producer, father, and former manager of Beyoncé Knowles, is into the IRS for more than $1.2 million. The tax debt relates to income earned in 2010 and 2011, the same years he managed his daughter's career.
Tax

Rapper Ja Rule's Tax Evasion Time Served, Mostly

Rapper Ja Rule spent the last nearly two years in prison at Ray Brook Correctional Facility in upstate New York on charges that included illegal gun possession and tax evasion. Now he'll finish his sentence on home confinement.
A&A

LA Jeweler Pleads Guilty in KPMG Insider Trading Case

Los Angeles jewelry store owner Bryan Shaw faces a maximum of five years in prison after he pleaded guilty May 20 for his role in an insider trading case involving a former senior audit partner at KPMG LLP.
Tax

New Orleans Saints Coach Sean Payton Settles Tax Credit Lawsuit

Twenty-seven investors, including Saints coach Sean Payton, wanted to reduce their overall state income tax liabilities by investing in movie production tax credits. But the film studio was defunct, and the tax credits didn't exist.
Tax

IRS Is Sued for Seizing Medical Records

The IRS has come under fire recently for reportedly authorizing intrusions into e-mails and online postings without obtaining a search warrant. Now it appears medical records might not be safe from the prying eyes of the nation's tax collection agency.
Tax

California Keeps the Kings and Millions in Tax $$

UPDATE: The battle with Seattle is over. For twenty-seven months, a group led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer have pursued the Sacramento Kings, hoping to move them north to become the Seattle SuperSonics. But on May 15, the NBA Board of Governors voted down the sale.
Tax

Crime Watch: May 16, 2013

A man who perpetrated a million-dollar investment fraud from California that defrauded New Jersey victims was sentenced May 14 to forty-six months in prison for crimes related to the scheme, US Attorney Paul J. Fishman announced.
Tax

IRS Acting Commissioner Steven Miller Resigns Over Scandal

Steven Miller, a twenty-five-year veteran of the IRS who has been the agency's acting commissioner since November 2012, resigned from his post on May 15, less than a week after the IRS admitted to and apologized for improperly scrutinizing the federal tax-exempt status of conservative groups.
A&A

Hewlett Packard Faces $1 Billion Lawsuit from Shareholders

Hewlett Packard (HP) shareholders are suing the company for $1 billion over the "vastly overvalued" acquisition of the British software firm Autonomy. According to claims brought against the multinational, HP tried to pull out of its $11.1 billion takeover of Autonomy before the deal closed.
Tax

IRS Announces Plan to Share Tax Data with Brits and Aussies

The United States, Australia, and the United Kingdom have announced a collaborative effort to share tax information from a multitude of trusts and companies holding assets on behalf of residents from far-flung places.
Tax

Update: Lauryn Hill’s Tax Case Leads to Prison

Last month, Grammy-winner Lauryn Hill asked the judge in her tax evasion case for probation. Not because she is a celebrity but because she wanted to work in order to pay the taxes she admitted owing. Things didn't turn out exactly as Hill planned.
Tax

Crime Watch: May 2, 2013

A federal court in Los Angeles has entered an order permanently barring John Trunzo from preparing federal income tax returns and other tax-related documents for others, the Justice Department announced April 30.
Education & Careers

Hostess Twinkies Set to Return, Union Laborers Won't

UPDATE: Fans of Twinkies won't have to wait much longer before the snack cakes return to grocery store shelves. Hostess Brands LLC – Metropoulos & Co. and Apollo Global Management's new incarnation of the baking company that liquidated in Chapter 11 – is reopening four bakeries in the next eight to ten weeks.

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