Best of the Web: IRS expands probe of offshore accounts

The Internal Revenue Service wants to learn who advised wealthy Americans to evade taxes by putting their money in offshore banks, US tax experts say.

Potential tax evaders who disclose their offshore holdings are being asked by federal investigators to reveal all the intermediaries who helped them establish the accounts, USA Today reports.  Full story...

The leaked loan book of Kaupthing bank claims that Joe Lewis, the billionaire investor, and Daniel Levy, the chairman of Tottenham Hotspur, pledged part of their majority stake in the football club as collateral for a loan, says The Daily Telegraph.

According to the document the pair borrowed €68.2m (£58m) from the failed Icelandic bank as part of a €121.9m facility through Enic, their investment vehicle, as they increased their stake in Tottenham Hotspur to 84pc in 2007. Shares worth around €89m, were kept by Kaupthing as collateral.  Full story...

The threat of a continued exodus of big companies out of Britain has been diminished by the Treasury's latest policy statement on multinational tax reform, according to a leading tax policy expert, according to The FT.

The Treasury last month set out policy principles governing its planned reforms of key anti-avoidance rules, in the latest stage of its lengthy overhaul of the way it taxes foreign profits.  Full story...

Resolution, the investment vehicle run by entrepreneur Clive Cowdery, could soon reach agreement with Friends Provident's board over a takeover of the insurer. However, it may face difficulties if it tries to buy the insurance assets of the state-supported Lloyds Banking Group, says The Independent.

Sources close to Resolution and Friends Provident have said that a further sweetened cash-and-paper offer for the group remains likely with the "distance between Resolution and Friends Provident not that far now".  Full story...

Wealthy taxpayers have inundated the Internal Revenue Service in recent weeks with requests to come clean for past tax evasion, amid a government crackdown on undeclared income from overseas accounts, The Wall Street Journal reports.

The volume has been so great that Wednesday, the IRS issued a streamlined, three-page form for taxpayers seeking entry into its temporary voluntary-disclosure program.  Full story...

A Cayman Islands court has ordered a worldwide freeze of assets belonging to Maan al Sanea and dozens of his companies in a ruling that steps up the pressure on the Saudi billionaire who is struggling with financial difficulties, according to The FT.

The decision by the court to freeze $9.2bn (€6.5bn, £5.5bn) was in response to a complaint filed by Ahmad Hamad Algosaibi and Brothers, another Saudi company that is embroiled in a bitter dispute with Mr Sanea, the owner of Saad Group.  Full story...

Germany's Commerzbank has announced the sale of its Swiss private banking subsidiary to Vontobel for an undisclosed price, City AM reports.

The sale of Zurich-based Commerzbank (Switzerland), which had assets under management of Sfr4.5bn (£2.53bn) as of the end of last year, follows its sale of the Swiss private banking arm of Dresdner Bank to Liechteinstein's LGT. Full story...