PracticeAccounting FirmsE&Y facing Silicon Valley lawsuit

E&Y facing Silicon Valley lawsuit

Five tech execs suing Big Four firm

Five executives working in Silicon
Valley
have launched a lawsuit against Ernst
& Young.

They are claiming that Big Four firm sold them a tax shelter that left them
owing millions of dollars in taxes, penalties and damages.

According to US reports, the five men invested more than $50m (£25.6m) in
total, a sum that the Internal Revenue Service
estimates would generate $150m (£75m) in tax losses.

Four of the five plaintiffs have ties to Cisco Systems.

Ernst & Young has declined to comment, saying the firm had not yet seen
the lawsuit, which was filed on 30 January.

Further reading:

KPMG tax shelter case postponed ‘indefinitely’

Final approval for KPMG settlement

Related Articles

RSM announces growth across every business line in 2017

Accounting Firms RSM announces growth across every business line in 2017

9h Lucy Skoulding, Reporter
WorkStyle: Helping accountants to support new contractors

Accounting Firms WorkStyle: Helping accountants to support new contractors

6d ClearSky Accounting | Sponsored
Grant Thornton grows profits while radically reshaping portfolio

Accounting Firms Grant Thornton grows profits while radically reshaping portfolio

6d Alia Shoaib, Reporter
How to protect LLP firms from a damaging team move

Accounting Firms How to protect LLP firms from a damaging team move

1w Clive Greenwood, Lewis Silkin
Grant Thornton reports gender pay gap at 26.6%

Accounting Firms Grant Thornton reports gender pay gap at 26.6%

3w Alia Shoaib, Reporter
5 ways to adapt your accounting services for millennial clients

Accounting Firms 5 ways to adapt your accounting services for millennial clients

4w Receipt Bank | Sponsored
Smith & Williamson reports double digit growth

Accounting Firms Smith & Williamson reports double digit growth

4w Alia Shoaib, Reporter
RSM UK reports 9% revenue rise

Accounting Firms RSM UK reports 9% revenue rise

4w Alia Shoaib, Reporter