TaxAdministrationIntegrity concerns over E&Y tax scheme

Integrity concerns over E&Y tax scheme

Non-executives of US telco Sprint have pressured its two executives to step down over a tax scheme that was advised by Ernst & Young.

Link: E&Y tax advice to wealthy Americans questioned

The tax shelter to protect share option gains is not deemed improper and E&Y stands by it. But the US Inland Revenue Service has started a court case to investigate the tax arrangement of Sprint chief executive William Esrey and chief operating officer Ron LeMay, according to a report in the Financial Times

The outbreak of corporate scandals has reduced board tolerance on the integrity of executives, and they now clamp down on practices they used to ignore. Some industry consultants have warned that ‘good executives’ could be ousted for using legitimate tax practices.

Related Articles

Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

2d Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter
HRMC loses £653,000 tax battle following administration error

Administration HRMC loses £653,000 tax battle following administration error

1y Fraser Simpson, Reporter
European inquiry into Panama Papers receives go-ahead

Administration European inquiry into Panama Papers receives go-ahead

1y Fraser Simpson, Reporter
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter
European Commission close to anti-tax avoidance package

Administration European Commission close to anti-tax avoidance package

1y Fraser Simpson, Reporter
‘Significant recovery’ for HMRC customer service, claims boss Thompson

Administration ‘Significant recovery’ for HMRC customer service, claims boss Thompson

1y Fraser Simpson, Reporter