Close Corporate Tax Loopholes Updates

Media Hit | Tax

Bill would boost disclosures in corporate settlements with U.S.

Concerned that targets of federal investigations are getting off lightly, two senators proposed legislation requiring the government to disclose all the details about settlements that allow companies to duck trials on allegations of wrongdoing.

News Release | U.S. PIRG | Tax

Regulators Disallow Tax Deduction for JPMorgan’s $1.7 Billion Settlement, Saving Taxpayers Close to $600 Million

Regulators saved taxpayers as much as $595 million by preventing JPMorgan from writing off its $1.7 billion payment for allegedly enabling Madoff Ponzi scheme

News Release | U.S. PIRG | Tax

No Madoff Write-Off for JPMorgan

JPMorgan will reportedly pay a $2 billion settlement to resolve charges related to its role as the bank for Bernie Madoff's Ponzi scheme. Unless regulators prevent it, ordinary taxpayers may end up paying for as much as $700 million of that amount.

Report | U.S. PIRG | Budget

Fact Sheet: End Tax Write-Offs for Wrongdoing

Fact sheet explains the issue and gives examples.

News Release | U.S. PIRG | Budget, Tax

Murray-Ryan Budget Deal Cuts Some Waste, but Misses Chance to Close Corporate Tax Loopholes

With our nation facing tough budget choices, U.S. PIRG applauds Senator Murray and Congressman Ryan for naming a few names when it comes to wasteful programs and special interest giveaways. This is the first step to ending the arbitrary sequester approach to budgeting, which throws the baby out with the bathwater...Unfortunately, the budget plan fails to close a single corporate tax loophole. This is a huge missed opportunity...There’s much more room for lawmakers to find common ground by ending wasteful programs while preserving those that serve the public interest, and closing the loopholes that only benefit special interests.

Media Hit | Budget, Tax

Enriquez, Visco: Tax deduction benefits BP in blast settlement

Many companies deduct the cost of settlement payments for misdeeds like the Texas City disaster as an ordinary business expense.

News Release | U.S. PIRG | Budget, Tax

Record-Breaking JPMorgan Settlement Contains Protections for Taxpayers

Now that the DOJ has protected taxpayers by addressing the tax deductibility of the penalties, U.S. PIRG is calling on the agency to be fully transparent as to why the remainder of the settlement is deductible.  If the remaining $11 billion is fully deducted, taxpayers deserve to know why they will end up picking up the tab for almost $4 billion in lost revenue.

Media Hit | Budget, Tax

JPMorgan Settlement Truth in Advertising Sought on Taxes

An aspect of U.S. tax law is being criticized by some lawmakers and consumer groups concerned that it may be worth billions of dollars for JPMorgan Chase & Co in negotiations with the Department of Justice.

Media Hit | Tax

Senate bill targets corporations that deduct settlement payouts

JPMorgan Chase’s pending $13 billion settlement with the Justice Department has revived calls from some in Congress that corporations should be prevented from claiming tax deductions on such deals.

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