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Carl Levin

  • Despite a surge in the number of partnerships over the last decade, the IRS did not conduct field audits for 99 percent of these tax-favored businesses from 2007 through 2012, said the preliminary report from the Government Accountability Office, the investigative arm of Congress.

  • IRS audits less than 1 percent of big partnerships Thursday, 17 Apr 2014 | 5:31 PM ET

    That means some of Wall Street's largest hedge funds and private equity firms are largely escaping close scrutiny by the IRS, said Sen. "Auditing less than 1% of large partnership tax returns means the IRS is failing to audit the big money," said Levin, who chairs the Senate subcommittee on investigations.

  • WASHINGTON, April 9- Sikorsky Aircraft said on Wednesday the U.S. Navy's plan to skip orders for 29 MH-60 helicopters in the final year of a five-year contract could undermine the industry's willingness to sign such cost-saving agreements in the future.

  • *Swiss structure not challenged by IRS- Caterpillar. WASHINGTON, April 1- Caterpillar Inc defended itself on Tuesday against accusations of offshore tax-dodging, telling a U.S. Senate panel that a low-tax unit the company set up years ago in Switzerland has not been challenged by U.S. tax authorities.

  • WASHINGTON, April 1- The broken U.S. tax code encourages companies to shift profits overseas, Republican senators said on Tuesday, seeking to deflect criticism from Caterpillar Inc at a hearing on how it allegedly avoided paying $2.4 billion in taxes.

  • WASHINGTON, April 1- Executives for Caterpillar Inc will defend the company's offshore tax strategies at a U.S. Senate hearing on Tuesday held by a panel known for shedding light on corporate tax avoidance.

  • WASHINGTON, March 28- Caterpillar Inc's offshore tax strategies will come under scrutiny on Tuesday at a U.S. Senate hearing expected to examine dealings by the world's largest mining and construction equipment maker in Switzerland, Bermuda and Luxembourg.

  • WASHINGTON, March 24- A U.S. Senate subcommittee known for investigating corporate tax avoidance said on Monday it will hold a hearing on April 1 to examine the offshore tax strategies of Caterpillar Inc, the world's largest mining and construction equipment maker.

  • Treasury debt, much of it offshore, earning them tax-free interest, the UK's Bureau of Investigative Journalism said on Thursday. The finding means Apple Inc, Microsoft Corp, Google Inc and Cisco Systems Inc hold a large proportion of the $254.9 billion held in their foreign subsidiaries in U.S.

  • Judge Harlin Hale in Dallas granted temporary bankruptcy protection to Mt. Gox, which had filed for bankruptcy protection in Japan in February. Gox said without bankruptcy protection the company would be irreparably harmed by a proposed class action in Chicago federal court and a breach of contract case in Seattle federal court.

  • WASHINGTON, Feb 27- U.S. Senate investigators have sharply criticized the implementation of a new Obama administration law meant to fight offshore tax evasion by Americans, saying that "gaping loopholes" in the law could let shell companies skirt it.

  • The Senate Permanent Subcommittee on Investigations this week alleged new misdeeds by Switzerland's Credit Suisse, citing secret meetings in luxury hotels and hidden elevators one senator said belonged in a spy novel.

  • Chaired by Democrat Carl Levin, the panel issued a report alleging misdeeds by Credit Suisse, Switzerland's second-largest bank. The report said Credit Suisse opened Swiss accounts for more than 22,000 U.S. customers with combined assets of as much as $12 billion.

  • Chaired by Democrat Carl Levin, the panel issued a report alleging misdeeds by Credit Suisse, Switzerland's second-largest bank. The report said Credit Suisse opened Swiss accounts for more than 22,000 U.S. customers with combined assets of as much as $12 billion.

  • WASHINGTON, Feb 24- The chief of Swiss bank Credit Suisse Group AG will square off on Wednesday against U.S. Levin is expected to release a report on Credit Suisse to coincide with the hearing at which bank CEO Brady Dougan and three other senior bank officers are slated to appear.

  • FACTBOX-Members of U.S. Congress who are leaving office Thursday, 13 Feb 2014 | 1:47 PM ET

    WASHINGTON, Feb 13- Forty-two U.S. representatives and senators have announced plans to leave their seats in Congress in advance of mid-term elections in November, including 24 Republicans and 18 Democrats. The latest to announce his departure was Representative Doc Hastings, a 10- term Republican from Washington state.

  • WASHINGTON, Dec 9- Leaders of the U.S. Senate and House of Representatives Armed Services committees agreed on a slimmed-down defense authorization bill and want a final vote on the measure before Congress leaves for the year, committee leaders said on Monday.

  • Levin, the Democratic chairman of the Senate Armed Services Committee, said the Senate was unable to vote on a huge range of proposed amendments to the bill in time to pass it this year, so committee leaders reached agreement on a compromise version of the legislation.

  • WASHINGTON, Dec 9- Leaders of the U.S. Senate and House of Representatives Armed Services committees have agreed on a slimmed-down defense authorization bill and want the House to vote on the measure before it leaves on its year-end holiday recess at the end of this week, Senator Carl Levin said on Monday.

  • Five agencies, including the SEC, three banking regulators and the Commodity Futures Trading Commission, are all trying to put the finishing touches on the rule and hope to vote on it in December, people familiar with the matter have said.

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