Wide Range of Tax Shelters Draws Senate Inquiry

Article Abstract:

The Senate Finance Committee is investigating alleged abuse of tax shelters by American companies that lease public assets abroad in order to reduce their taxes while reducing the corporate tax revenues of state and federal government by more than the amount they generate for local governments. Companies allegedly make a large payment to a cash-strapped local government, then depreciate the asset dramatically, creating a huge tax break. Including a service component in the lease contract, for maintaining the subway system or water mains, makes the deal not subject to Treasury Department rules designed several years ago to prevent abusive tax shelters.

Legislative Bodies, Taxes, Capital funds & cash flow, Senate-Finance, Usage, Taxation, Cases, Accounting and auditing, Corporate taxes, Leases, Local taxation, Tax evasion, United States. Congress. Senate. Committee on Finance

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KPMG Says Tax Shelters Involved Wrongdoing

Article Abstract:

In an effort to avoid criminal indictment in a Justice Department and Internal Revenue Service investigation, the accounting firm KPMG admitted to "unlawful conduct" in the creation and sale of tax shelters.

United States. Department of Justice

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KPMG Developed New Version of Tax Shelter I.R.S. Had Disallowed

Article Abstract:

Newly released documents show that the accounting firm KPMG discussed selling questionable tax shelters more than two years after a Internal Revenue Service ban on similar shelters.

United States, Government regulation (cont), Government regulation, Legal/Government Regulation, Laws, regulations and rules

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