RegulationCorporate GovernanceUS agency looks at PwC’s tax affairs

US agency looks at PwC's tax affairs

PwC investigated by IRS over tax deductions

US tax collection agency Internal Revenue Service is investigating
PricewaterhouseCoopers over possible violations of reporting its own taxes,
according to reports.

The agency is looking into the timing of tax deductions and how it switched
profits between different international units and its pension plan, reported
Bloomberg.

PwC tax partner Samuel Starr sent a letter to the firm’s US partners earlier
in the year that the review should be completed by the end of 2006.

A PwC spokesman said that firm was liable to IRS audits ‘like any large
entity’. An IRS spokesman told the news agency that federal audits were
confidential.

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