Financial Transparency Coalition

South Korea has informed the U.S. of up to 20 North Korean bank accounts suspected of being used for counterfeiting, money laundering and other illegal transactions, a news report said Wednesday.

The former chief executive of a major accounting firm and six others were indicted in what authorities say was a wide-ranging criminal scheme that generated more than $7 billion in fraudulent tax losses.

Transfer pricing has steadily become one of the number one issues for the Internal Revenue Service (IRS). Alfredo Jay Urquidi of Marsh & McLennan Companies and David Jarczyk of Ceteris discuss.

Software giant Microsoft has issued a stern threat to the Obama administration over its concerns of the US income tax deferral regime.