Treasury Seeks To Curb Tax Shelters | AccountingWEB

Treasury Seeks To Curb Tax Shelters

The Wall Street Journal today reported that Treasury Secretary Lawrence Summers has asked a core group of some of the nation’s top accountants, lawyers and investment firms to join him in a series of meetings to limit corporate tax shelters.

According to reports, Summers and the group will focus on how to strengthen the Treasury’s rules that govern the various professions, like accounting, that are associated with the tax-shelter industry.

In addition to helping solve the problem, any further legislation related to this area looks like it will not happen this year. From all indications, the Senate appears willing to consider tax-shelter issues, while the House has virtually ruled out any more discussion.

Gerald Padwe, vice president for AICPA's Taxation Division, said, "The tenor of the invitation was clearly that this is an area that the Treasury is concerned about. I don't think the secretary of the Treasury is going to convene a meeting without having some thoughts that he's going to want the people attending to know about where he's coming from."

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.