The Department of Justice is asking the Court to allow the IRS to issue a summons to UBS AG demanding the names of wealthy U.S. clients who used the Swiss bank to keep 'undeclared accounts' in order to evade U.S. taxes.

There's big trouble in little Liechtenstein, and UBS AG's private bank just got caught in the crossfire between U.S. prosecutors and U.S. nationals with funds tucked away in the Principality of Liechtenstein.

Wall Street Journal reports that the U.S., Canada, Sweden, Australia, Italy and France yesterday confirmed they are investigating dozens of their citizens for allegedly hiding assets at a bank in Liechtenstein. German prosecutors say they have expanded their investigation to include a second, unidentified Liechtenstein-based bank.

Walmart lost a ruling in North Carolina where it sought tax refunds worth $33.5 million in taxes, penalties and interest which it had paid for using a tax scheme where Walmart paid itself rent and then claimed tax deductions for that. Three more states set to follow...