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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: TobagoJack who wrote (20069)6/20/2002 5:01:08 PM
From: Raymond Duray  Read Replies (1) of 74559
 
OFF SHORE TAX SCAMMING - ERNST & YOUNG IMPLICATED

Hi Jay,

Thanks a lot for that revelation about Ernst & Young.

These accounting firms are beginning to resemble organized crime families more than businesses.

For posterity, here's the direct link:

nytimes.com

<Copy>

Big Accounting Firm's Tax Plans Help the Wealthy Conceal Income
By DAVID CAY JOHNSTON

In private meetings with wealthy Americans and their financial advisers, the accounting firm Ernst & Young has for months been selling four techniques to eliminate or sharply reduce income taxes.

Ernst & Young says the techniques are legal and proper. But some experts on tax shelters say that at least one of them should not pass muster in an audit and that because the techniques hide transactions from the Internal Revenue Service, they may amount to tax evasion, which is illegal, rather than aggressive tax avoidance, which is legal.

<Continues........>
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