US Treasury Flags Potentially Abusive Wall Street Tax Trades, Evaluates Tools to Curb Them
Updated
Updated · Bloomberg · Jul 21
US Treasury Flags Potentially Abusive Wall Street Tax Trades, Evaluates Tools to Curb Them
3 articles · Updated · Bloomberg · Jul 21
Summary
Treasury officials told an industry gathering in New York on Tuesday that several high-profile tax strategies marketed by Wall Street may be “too good to be true” and could be abusive.
The department said it is actively evaluating what tools it can use to address those trades, signaling possible scrutiny or enforcement rather than naming immediate penalties.
The warning puts banks and other promoters of complex tax products on notice as Treasury weighs how aggressively to respond to strategies it believes may improperly reduce tax bills.