IRS Contends with Wells Fargo in Tax Deductions

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The IRS is in a legal battle with Wells Fargo & Co over alleged illegal tax dodges. These alleged tax dodges involve transactions where a tax-free organization transfers to a taxable one (like Wells Fargo) tax benefts for a fee. The technical term for such transactions is ‘Sale In Lease Out’ (SILO) transactions. According to the IRS, Wells Fargo has claimed losses amounting to nine-digit fgures through such transactions.

The Tax Division of the Justice Department has submitted 319 pages of documents in its fling earlier this week over the alleged abusive tax avoidance transactions practiced by the bank. These allegations by the IRS are not recent events. Instead, the IRS and Wells Fargo have been in dispute over various issues for years now. In the most recent case in September, the bank objected to the IRS’ attempts at obtaining papers from independent auditors KPMG that detail Wells Fargo’s exposure to questionable tax deductions between 2007 and 2008. The bank has declined to comment on this matter.

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The Law Offices of Darrin Mish, P.A. on:

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