TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Thursday, March 19, 2009

13 Firms Receiving TARP Funds Owe $220m in Back Taxes

Of the 23 top recipients of TARP funds, 13 owe a combined $220 million in unpaid federal taxes.  "To get money from Treasury, banks and others must sign a contract that states they have no material unpaid taxes. Treasury did not ask these banks and companies to turn over their tax records. Treasury relied on the signed statements when it agreed to invest billions of taxpayer dollars," said House Ways and Means Oversight Subcommittee Chairman John Lewis, D-Ga.

(Hat Tip: Darron Hamilton.)

https://taxprof.typepad.com/taxprof_blog/2009/03/13-firms-receiving-tarp-funds.html

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Comments

At least 2/3 of the IRS assessments I have seen are seriously flawed.

So perhaps this is not as nasty as it looks.

Posted by: save_the_rustbelt | Mar 20, 2009 9:40:55 AM