Watchdog

Tax

E&Y and UBS settle HealthSouth lawsuits

Swiss bank UBS AG and accounting firm Ernst & Young LLP have agreed to pay $250.5 million to resolve investor lawsuits regarding an accounting fraud uncovered at HealthSouth Corp. in 2003.
A&A

Fuld fights back in Lehman failure testimony

Former Lehman CEO Richard Fuld, in his appearance before the U.S. House Financial Services Committee last week, blamed rumors, timing, regulators, and a “crisis of confidence" for the fall of the investment firm.
Tax

E&Y, PwC join KPMG in declaring themselves free of business ties to Iran

Ernst & Young and PricewaterhouseCoopers have declared that they no longer maintain business relationships with Iranian firms.
Tax

Tax attorney, businessman receive prison sentences for tax fraud

The U.S. Department of Justice has announced that two men were sentenced to prison last week for their involvement in a complex tax fraud scheme devised to avoid paying federal income taxes.
Tax

Tax preparer shut down for falsely claiming first-time homebuyer credits

A federal court has permanently barred David Santiago and his business, Santiago Investment & Consulting Inc., from preparing federal tax returns for others, the Justice Department announced.
Tax

Holocaust defense won't save convicted tax evader from prison

A former watchmaker was sentenced to 10 months in prison for hiding $10 million in offshore accounts. The defendant is the son of Holocaust survivors, a fact his lawyer used at his sentencing hearing.
Tax

Child stars learn that growing up can be taxing

It’s been a bad year for at least three child stars, even if they are still active in the entertainment industry. It seems fame might not be all it’s cracked up to be.
Tax

Case of the cavalier Internal Revenue Service agent

Shouldn’t an Internal Revenue Service agent know a business when she sees one – especially if she is the owner and operator?
Tax

Lehman update: SEC, FASB to review repo accounting rules

The Financial Accounting Standards Board will evaluate the need for accounting rule changes relating to repurchase transactions following the Securities and Exchange Commission’s review of how financial institutions other than Lehman Brothers use these transactions.
Tax

What comes first, tax woes or competing on Dancing with the Stars?

Pamela Anderson shares something in common with a few of her fellow celebrity contestants on Dancing with the Stars. At least three others also have made headlines for being in hot water with the tax authorities.
Tax

Operation Brass Tax: Sting nets 26 tax preparers

Some tax preparers will not be celebrating the end of tax season with tropical drinks on sandy beaches. Instead, they might be viewing life from behind bars because of a recent sting operation.
Tax

IRS delays causing increased taxpayer penalties

The Internal Revenue Service should improve the way it deals with balance-due payments from delinquent taxpayers, according to a recent TIGTA report. Unnecessary delays are resulting in extra penalties and interest costs to taxpayers.
Tax

From country to rhythm and blues to rap: tax trouble has no favorite genre

Grammy winning country singer Dwight Yoakam might have new material for a sad, sad song now that the Internal Revenue Service has filed a lien against him for nearly half a million dollars.
Tax

IRS knocks out two boxing legends

Thomas “Hitman” Hearns, who earned more than $40 million in his legendary boxing career, may find himself homeless soon, proving that it’s not just ordinary folks who are dealing with the threat of foreclosure.
A&A

Ernst & Young defends its Lehman work in letter to clients

Ernst & Young defended its audit work for client Lehman Brothers in a letter sent last week by several audit partners to the firm's key clients, and vowed to fight any legal action from regulators or creditors.
Tax

Auditors called on the carpet over Lehman collapse

The controversy surrounding the demise of Lehman Bros. spells trouble for the audit profession as it, once again, finds itself in the spotlight for all the wrong reasons. How was such a large investment bank allowed to collapse?
Tax

Two IRS employees indicted for theft of government money

Two IRS employees in Covington, KY, were charged in a 29-count indictment for stealing thousands of dollars in money orders.
Tax

Massachusetts tax attorney suspended for failing to meet tax filing obligations

Massachusetts Tax Attorney Kevin Kilduff has been barred from practicing before the Internal Revenue Service for 48 months for failing to file a federal tax return, and for filing another five returns late.
Tax

The prince of DC coffee gets a jolt from the king of sales tax

In Washington, D.C., Nick Cho is a local celebrity – at least among the coffee-loving crowd. He was the owner of a popular Capitol Hill hangout called Murky Coffee. Unfortunately for Cho, he’s been gaining fame for a less stimulating reason.
Tax

Florida mayor owes IRS more than $200,000 in back taxes

Florida’s North Bay Village mayor allegedly hasn’t made a mortgage payment in nearly two years, lives in a house on which he had built an illegal second story, and owes the Internal Revenue Service more than $200,000 in back taxes.

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