June 27, 2002
IRS Reaches Agreement with PricewaterhouseCoopers LLP to
Resolve Tax Shelter Registration & List Mainenance Issues
WASHINGTON - The Internal Revenue Service announced today that it had reached an agreement with PricewaterhouseCoopers LLP to resolve issues relating to tax shelter registration and list maintenance under the Internal Revenue Code.
Without admitting or denying wrongdoing or legal liability under the Internal Revenue Code penalty provisions, PricewaterhouseCoopers LLP agreed to make a substantial payment to the IRS to resolve issues in connection with advice rendered to clients dating back to 1995.
PricewaterhouseCoopers LLP has agreed to provide certain client information pursuant to authorized legal processes, such as summonses, to the IRS as required by law and, significantly, to work with the IRS to develop processes to ensure ongoing compliance with the Internal Revenue Code and Treasury Regulations for registering tax shelters and maintaining lists of investors in tax shelters.
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