Business in brief: Thousands admit offshore accounts
Washington – More than 14,700 U.S. taxpayers came forward to disclose billions in offshore bank accounts in 70 countries under a voluntary Internal Revenue Service program allowing most to avoid criminal prosecution as long as they pay what they owe, IRS officials said Tuesday.
A flood of people came forward in the last days before the amnesty program expired Oct. 15, IRS Commissioner Doug Shulman said. The final total far surpasses the number who disclose offshore accounts in a typical year – about 100 – and comes amid a broad U.S. crackdown on international tax evasion at Swiss bank UBS AG and other institutions.
The total in taxes, interest and penalties collected from those in the voluntary disclosure program will be in the “billions of dollars,” Shulman said.
Ruling returns job to Boeing
Washington – A federal appeals court has reversed a ruling that overturned Boeing Co.’s $1.1 billion contract for maintenance of an Air Force refueling tanker jet.
The decision Tuesday by the U.S. Court of Appeals for the Federal Circuit reinstates Chicago-based Boeing’s 10-year contract for work on the KC-135 – the Air Force’s primary midflight refueling aircraft.
Rival bidder Alabama Aircraft Industries said in a statement that the company was disappointed with the ruling and that it would review its legal and strategic options.
Ford Fusion car of the year
Detroit – The 2010 Ford Fusion was named Motor Trend magazine’s car of the year Tuesday, beating out the Toyota Prius, BMW 7-Series, Chevrolet Camaro and others in the closely watched competition.
It was yet another accolade for Ford Motor Co.’s midsize sedan, which got high reliability scores in the most recent rankings from Consumer Reports and was the top-selling car made by a Detroit automaker through October. U.S. Fusion sales were up 15 percent in the first 10 months of this year, to 148,045, despite a 25 percent drop in overall car sales.
BusinessWeek editor named
New York – Josh Tyrangiel, the deputy managing editor of Time magazine, will become editor of BusinessWeek when Bloomberg LP takes over the magazine next month.
Tyrangiel, 37, will step in at a crucial transition for Bloomberg.
The news and financial data provider hopes to use BusinessWeek to grow beyond its electronic terminal business and reach a more influential audience in government offices and corporate suites.