Former Tyco leader declares innocence

Tyco International Ltd.’s former chief financial officer Mark Swartz testified Tuesday that he didn’t do anything he believed was illegal during the 11 years he worked at the firm.

Swartz took the stand after the defense team for his co-defendant, former Tyco chief executive L. Dennis Kozlowski, rested its case without calling any witnesses.

The defendants are accused of stealing $600 million from the company. Kozlowski, 57, and Swartz, 43, are in the fifth month of a trial at Manhattan’s state Supreme Court on charges of grand larceny, enterprise corruption, state business law violations and falsifying business records.

Taxes

IRS targets shelters

The Internal Revenue Service announced Tuesday it had collected $170 million in taxes and penalties on money hidden offshore and has shared with state tax agencies information about 20,000 taxpayers using scams and shelters to avoid taxes.

Both efforts stem from the agency’s move to curb the growth of tax shelters among wealthier taxpayers — an agency priority — said IRS Commissioner Mark Everson.

The IRS uncovered the money hidden offshore by offering a three-month amnesty last year to taxpayers who came forward.

Entertainment

Viacom to shed stake in Blockbuster stores

Viacom Inc., the media conglomerate that owns MTV and CBS, is getting rid of its controlling stake in the Blockbuster video rental chain and taking a $1.3 billion charge to reflect the declining value of the business. The charge put Viacom well into the red for its latest fiscal quarter.

Viacom has been considering what to do with its 81 percent stake in Blockbuster for some time, and apparently its efforts to find a buyer have failed. Blockbuster operates two stores in Lawrence.