US 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.

Related Articles

What is the role of governance, compliance, and control in financial transformation?

Corporate Governance What is the role of governance, compliance, and control in financial transformation?

3m Workday | Sponsored
Corporate governance: staying ahead in accountancy

Corporate Governance Corporate governance: staying ahead in accountancy

10m Alia Shoaib, Reporter
One in 20 audit firms quit as market evolves

Audit One in 20 audit firms quit as market evolves

2y Kevin Reed, Writer
Colin: #EURef bankers a problem

Business Regulation Colin: #EURef bankers a problem

2y Taking Stock
PwC and Deloitte chiefs sign Remain letter

Business Regulation PwC and Deloitte chiefs sign Remain letter

2y Kevin Reed, Writer
Leader: Audit competition drives change, not necessarily quality

Accounting Firms Leader: Audit competition drives change, not necessarily quality

2y Kevin Reed, Writer
EU audit reform to open up £10bn market for firms

Accounting Firms EU audit reform to open up £10bn market for firms

2y Richard Crump, Writer
Best Practice: Saffery Champness managing partner Rob Elliott

Accounting Firms Best Practice: Saffery Champness managing partner Rob Elliott

2y Calum Fuller, Reporter