Former clients are suing the US arm of Big Four firm Ernst & Young after
claiming it defrauded them and other taxpayers of millions of dollars through
failed tax shelters.
Florida couple Rocco and Mary Abessinio claim to have owed more that $40m
(£23m) from pursuing a false tax strategy, costing more that $5.9m in fees,
according to Reuters.
The complaint accuses E&Y of marketing a tax strategy, involving the
creation of a ‘personal investment company’, or PICO, that had ‘no legitimate
purpose other than as a vehicle for tax avoidance.’
The complaint is seeking class-action status as it argues the firm sold at
least 90 PICO products.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy