Income Tax

Birmingham, Ala.-based Regions Financial Corp. has agreed to pay the Louisiana Firefighters' Retirement System $25 million to settle a complaint alleging that it was defrauded by a former portfolio manager, The (New Orleans) Times-Picayune reported April 26.

Lawmakers on Friday were presented with a dramatic tax reform proposal co-sponsored by bipartisan group of legislators.

Critics contend that delays and inadequate rules have hindered what could be a powerful way to fight tax fraud

Under Cuccinelli's proposal, the income tax rate would drop from 5.75 percent to 5 percent over four years starting in 2014, and the corporate income tax rate would drop from 6 percent to 4 percent.

A Miami federal grand jury is investigating South Florida's preeminent affordable-housing developer, the Carlisle Development Group, on allegations that it bilked the U.S. government out of millions of dollars in tax subsidies used to finance more than a dozen rental projects in Miami-Dade and Broward counties.

A member of an anti-government movement known as the "Sovereign Movement," has been sentenced to 98 months in prison, followed by three years of supervised release, for his role in a money laundering conspiracy.

In a recently released report to Congress, the U.S. Government Accountability Office (GAO) says that while the IRS has collected billions of dollars from offshore tax evasion, it may be missing even more.

A federal court in San Francisco has granted an order authorizing the U.S. Internal Revenue Service (IRS) to serve a summons seeking information about US taxpayers who may hold offshore accounts with FirstCaribbean International Bank (FCIB), a subsidiary of Canadian Imperial Bank of Commerce.