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."

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