23 minutes ago WASHINGTON (Reuters) - More than 45 major U.S. companies, including big banks, are being offered settlements to get rid of abusive tax shelters, the Internal Revenue Service said on Wednesday."Promoters and participants in aggressive tax shelters should know that the IRS will remain vigilant," IRS commissioner Doug Shulman told reporters on a conference call.
The IRS will offer companies a settlement for "lease-in lease-out" (LILO) and "sale-in lease-out" (SILO) transactions, which have allowed companies to beef up their balance sheets by gaining billions of dollars in tax deferrals.
Read More
