U.S. Acts to Ban Tax Shelters Using Roth I.R.A

Article Abstract:

Both the IRS and the Treasury Dept. will ban shell companies as a source of tax shelters involving Roth individual retirement accounts. Investors have been using shell companies to redirect contributions to their Roths in excess of the $3,500 annual limit. The IRS will also seek back taxes from companies and individuals who sheltered taxable income.

Commercial Banks, Investment Banking and Securities Dealing, Government regulation (cont), Government regulation, Taxes, Bank Individual Retirement Accounts, Laws, regulations and rules, Individual retirement accounts, Tax policy, Grant Thornton L.L.P., Shell companies

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KPMG Strikes Back on Ex-Clients' Tax-Shelter Suits

Article Abstract:

The accounting firm KPMG LLC is responding to an Internal Revenue Service criminal investigation into its sale of tax shelters by taking on clients that had previously sued them for selling them those same tax shelters.

Marketing procedures, Customer relations, McNair, R. Cary, McNair, D. Calhoun

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KPMG May Dodge One Bullet, Only to Face Another

Article Abstract:

The accounting firm KPMG LLP's decision to admit to tax shelter abuses leaves firms that worked with the company more vulnerable to lawsuits.

Financial management, Finance, Company financing

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