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.
The application of robotics in finance functions is moving faster than predicted. Although, companies are cautious in how they are applying artificial intelligence to ensure results first, many are stepping up their investigations
EU competition commissioner Margrethe Vestager has defended the decision to order technology giant Apple to pay €13bn (£11bn) in back taxes to the Irish government
Carillion has announced the appointment of a new finance director as it reported a rise in first half profits and sales led by strong growth in its support services business
The UK inflation rate hit its highest level in almost two years in July, suggesting that the sharp fall in sterling following the UK referendum to leave the European Union is forcing prices up