Credit Suisse

UBS Group AG was asked by a powerful U.S. lawmaker about whether the bank it acquired, Credit Suisse Group, failed to report an American accused of evading taxes on $350 million in income.

Daniel Rotta hid more than $20 million from the IRS, using "pseudonyms, complicated corporate structures and nominees" to conceal offshore assets and income.

A Brazilian-American businessman who lives in Florida was charged with using Credit Suisse Group AG, UBS Group AG and other Swiss banks to hide more than $20 million in assets from U.S. tax authorities over 35 years.

The customers include a Brazilian businessman whose Florida residence was raided by the IRS and a Colombian family featured in a Senate report about the bank's role in tax evasion schemes.

The audit fee for the combined group is expected to be less than the sum of the standalone audits, but would still be one of the highest in global banking.

The Swiss bank continues to help rich Americans hide assets from the IRS nearly a decade after a unit pleaded guilty to tax-evasion conspiracy, the Senate Finance Committee said.

Employees in investment consulting, compliance, legal and audit would worry over their jobs, given duplications with UBS.

The Zurich-based bank said it will take steps to fix ineffective checks on the process it follows to pull together its financial reports.

Shares in the Swiss bank sank after it said it was delaying its annual report following a last-minute query by U.S. regulators over previous financial statements.

Robocalling the IRS; year-end pay adjustments; ready to quit; and other highlights from our favorite tax bloggers.