Last week, the IRS announced a closing agreement with Ernst & Young resolving issues relating to the IRS examination of E&Y’s compliance with the registration and list maintenance requirements of the firm’s marketing of tax shelters.
Under the agreement, E&Y will make a non-deductible payment of $15 million. It also agreed to work with the IRS to ensure ongoing compliance with the registration and list maintenance requirements, which includes allowing the IRS, upon its request, to review documents prepared as part of E&Y' New Quality and Integrity Program. The closing agreement also had a disclosure authorization that allowed the IRS to issue a news release with details of the agreement.
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