Jesse Drucker and Danny Hakim, of the New York Times, discuss how accounting firms help advise companies to exploit tax regulations that their tax lawyers helped write while holding government positions. Their article begins as follows:
For six years, Audrey Ellis and Adam Feuerstein worked together at PwC, the giant accounting firm, helping the world’s biggest companies avoid taxes.
In mid-2018, one of Mr. Feuerstein’s clients, an influential association of real estate companies, was trying to persuade government officials that its members should qualify for a new federal tax break. Mr. Feuerstein knew just the person to turn to for help. Ms. Ellis had recently joined the Treasury Department, and she was drafting the rules for this very deduction.
That summer, Ms. Ellis met with Mr. Feuerstein and his client’s lobbyists. The next week, the Treasury granted their wish — a decision potentially worth billions of dollars to PwC’s clients.
To see full article, click: “How Accounting Giants Craft Favorable Tax Rules From Inside Government”
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal