IRS Targets 200 Execs For Evading Options Taxes
from the loopholes,-loopholes dept
theodp writes “The IRS is targeting nearly 200 corporate execs for failure to pay taxes on stock-option profits transferred to family partnerships and similar entities. Thus far, the investigation’s identified 42 companies with unreported exec income of $700+ million – “household names” according to the IRS. Citing federal tax-privacy laws, IRS officials declined to identify any of the companies or execs, who claimed to be entitled to up to 30 years to pay their taxes. SEC Chairman William Donaldson lauded the IRS announcement.” From the description, it sounds like a pretty typical loophole that people try to take advantage of all the time. In fact, it’s quite possible that some of the execs will claim that this isn’t actually illegal under current law.