by Brian Mahany When will they learn? Three times this month we have reported on big banks and corporations that have suffered major court defeats after attempting to claim questionable tax deductions. This week’s IRS victory against Dow Chemical is just one more nail in the coffin of abusive tax shelters. Wall Street bad boys […]
IRS Wins Tax Shelter Case – Will Claims Of Accounting Malpractice Follow?
by Brian Mahany Earlier this week the United States Tax Court ruled in favor of the IRS in a widely watched corporate tax shelter case. The test case, involving Bank of New York Mellon, could cost the bank $800 million. Although BONY has promised to appeal, the loss may create a waive of accounting malpractice […]