Watchdog

Tax

Twin Cities IRS agent nabbed in alleged bribe attempt

A Twin Cities agent of the Internal Revenue Service, who had filed for bankruptcy approximately two weeks earlier, allegedly offered two businessmen a deal: I’ll cut your tax liability by more than 80 percent if you pay me $9,700.
A&A

Small company suffers massive embezzlements

The discovery of alleged fraud at Koss Corporation highlights some of the potential dangers that can lead to fraud within a company and demonstrates how small companies can be susceptible to massive losses.
Tax

Starr quality: Not what you want in a financial advisor

Being rich and famous does not necessarily make you smart. That could be why so many wealthy people trust the untrustworthy.
Tax

Disney employee finds out the hard way: Insider trading doesn’t pay

Disneyland may be the happiest place in the world, but one Disney employee and her boyfriend are not smiling.
Tax

More whistleblowers needed, organizational transgression appears to be growing

Whistleblowers are still a major source for uncovering fraud and wrongdoing within companies, but being a whistleblower is a difficult, arduous process with an uncertain conclusion.
Tax

IRS lien brings back an old scandal for Clinton friends

They are not movie stars, but the names of Harry Thomason and his wife, Linda Bloodworth-Thomason, are well known in Hollywood, in Washington, D.C., and now on the rolls of delinquent taxpayers.
Tax

Nicolas Cage: Poster boy for delinquent taxes

Just when you thought he’d learned his lesson, Nicolas Cage is wrestling with more tax issues. Since late last year he had become the poster boy for celebrities who don’t pay their fair share, making headlines time after time.
Tax

Three artists sing the tax-trouble blues

The Queen of Soul and the taxman are doing battle again – and Judy Collins and Toni Braxton are singing a similar tune.
Tax

Former Detroit Lion in trouble as “Farr” as eye can see

Mike Farr once rode high as a member of the Detroit Lions. These days, he’s in hot water. Not only does he owe nearly $83,000 in state and federal taxes but, a few weeks ago, federal regulators put a lock on his assets after he was named in a government lawsuit.
Tax

Another round of actors in trouble with the tax man

What do Mary Ann, the Big Lebowski, Arnie Becker, and Cal Hockley have in common? The actors who played them are in tax-related trouble.
Tax

Embezzling accountant cuts a deal

Usually accountants uncover stories like this one. Regrettably, sometimes they are the perpetrators.
Tax

Taxman to seller of luxury watches: Time’s up!

Christopher Wardle sells luxury timepieces costing more than $8,000 at his Bozeman Watch Company. But as far as the Internal Revenue Service is concerned…he’s run out of time.
Tax

Average Joe or star athlete: The housing slump played no favorites

Rick Mahorn, former Detroit Piston and member of the 1989 NBA championship team, has hit hard times. In the last year Mahorn, 51, and his wife lost their home in Rochester Hills, Michigan, and filed Chapter 7 bankruptcy.
Tax

Michigan CPA to serve up to 20 years for embezzlement

An accountant from Kalamazoo, Michigan, has been sentenced to pay $3 million in restitution and to serve five to 20 years in prison for embezzlement from clients.
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.

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