Tax Evasion | featured news

Faced with a Thursday midnight deadline to avoid possible prosecution, more than 7,500 Americans have come clean about secret foreign bank accounts, a senior IRS official said in an interview for broadcast tonight on "ABC World News with Charles Gibson."

Under an amnesty program, the IRS is allowing taxpayers to avoid prosecution for failing to report those accounts. Tax attorneys have been besieged by wealthy clients who are lining up to apply.

Wealthy U.S.

Wu-Tang Clan member Method Man has been taken into police custody on tax-evasion charges, the Advance has learned. Method Man -- whose real name is Clifford Smith -- is currently at the 120 Police Precinct stationhouse in St. George awaiting arraignment, according to a law-enforcement source.

OECD confirms the country will go off their grey list following the signing of a 12th agreement on Thursday.

U.S. regulators will receive the names as part of an investigation of Americans avoiding taxes through the use of offshore accounts.

U.S. authorities are criminally investigating more than 150 Americans suspected of having concealed income and assets at Swiss bank UBS, in violation of U.S. tax laws, according to a filing on Tuesday in a federal court.

Negotiators initial settlement that averts legal showdown over U.S. government's landmark challenge to Swiss bank secrecy, lawyer says.

Reuters - Switzerland's UBS will not have to pay a fine as part of the settlement of a tax evasion dispute with the United States, two Swiss newspapers reported on Sunday.

U.S. has been seeking data on depositors suspected of using UBS bank accounts to hide cash from IRS.

The government said it would seize the bank’s client data, which U.S. authorities have demanded to settle a tax case.