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Tax avoidance { June 28 2002 } Original Source Link: (May no longer be active)    http://www.washingtonpost.com/wp-dyn/articles/A58264-2002Jun27.html "But the government loses billions of dollars in revenue each year because of complex, questionable tax-avoidance schemes aggressively marketed by accounting and law firms to companies and wealthy people." http://www.washingtonpost.com/wp-dyn/articles/A58264-2002Jun27.html Pricewaterhouse, IRS Settle on Tax Shelters Associated Press Friday, June 28, 2002; Page E03 PricewaterhouseCoopers LLP has agreed to pay the Internal Revenue Service an undisclosed sum and take steps to cooperate with the agency's attempt to crack down on tax shelters. Under the agreement, the accounting firm will provide the IRS with certain information on clients' tax shelters and work with the agency to comply with rules requiring registration of shelters and maintenance of investor lists. Not all tax shelters are illegal. But the government loses billions of dollars in revenue each year because of complex, questionable tax-avoidance schemes aggressively marketed by accounting and law firms to companies and wealthy people. The IRS registration program has met with limited success, prompting Congress to consider beefing up penalties for nondisclosure and for schemes found to improperly reduce taxes. One such bill has cleared the Senate Finance Committee but it faces long odds to win passage this year. The IRS said PricewaterhouseCoopers made a "substantial payment" to "resolve issues in connection with advice rendered to clients dating back to 1995." The firm would not disclose the amount of the payment, though a spokesman said it was "not significant." The firm said in a statement that "the hazards of potential litigation and the costs of continuing to dispute these issues with the IRS far exceed the costs of the settlement." The statement also said that PricewaterhouseCoopers will "continue to pursue tax minimization strategies" even as it complies with tax shelter registration rules. "This agreement has no impact on our clients' ability to sustain the tax benefits of the tax advice we provided," the firm added. Specific information about the firm's clients will only be disclosed to the IRS through legal processes, such as summonses. © 2002 The Washington Post Company

Arms deal { January 14 2003 } Black family farms rare as hens teeth { November 11 2006 } Congressman says import export bank is corporate welfare Corpwelf1 4 [rtf] Cw crunched time { February 7 2000 } Cw time topbanana { February 7 2000 } Enron no taxes { February 3 2002 } Family farms destroyed by government subsidies { December 21 2006 } Farm subsidies abused Farm subsidies { May 14 2002 } Fate of family farming { June 6 2004 } Firms avoid taxes { October 20 2000 } Halliburton avoids taxes { January 30 2004 } Hog farm shelters { August 17 2001 } House panel passes corporate tax break No taxes ny { October 20 2000 } Pentagon fails to crack down on contractor tax cheats Rep sanders { May 15 2002 } Rep sanders2 Rep sanders3 Tax avoidance { June 28 2002 } Tax cheats sanders Tax shelter { June 28 2002 } Tax shelters sanders Tax shelters { February 29 2000 } Time cw [htm] Time cw Wto hits us { August 21 2001 } Files Listed: 28

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