How Accounting Giants Create Favorable Tax Rules From Inside the Government

this year, Mr Harter returns to PwC.

Mr. Harter said, “I have fully complied with Treasury Department regulations by not meeting with PwC representatives during the two-year “cooling off” period, which prevents government officials from meeting with their former employers. he was involved in the creation of offshore tax breaks And met with corporate lobbyists, Mr. Harter said he does not remember meeting with Ms. Olson or other PwC officials on the subject.

Ms. Olson sent questions to PwC.

The 2017 tax overhaul included a provision that lets some people take a 20 percent tax deduction on certain types of business income. But the law- Section 199A. is referred to as – An undefined category of “brokerage services” is largely excluded. In 2018, lobbyists from several industries, including real estate and insurance, visited the Treasury to try to convince officials that the broker prohibition should not apply to them.

On August 1, records show, Ms. Ellis met with her former PwC colleague, Mr. Feuerstein, and three other lobbyists for her client, the National Association of Realtors. They wanted real estate brokers to qualify for the 20 percent deduction.

The meeting took place before the first draft of the proposed rules was made public, which meant that, right off the bat, Ms Ellis’s former PwC colleague and her client had a track inside.

When Treasury Published It first edition A week after the proposed rules, real estate brokers were eligible. National Association of Realtors took credit To win on your website. (The last rule applies only to stock and other securities brokers.)

Ms Ellis’ meeting with Mr Feuerstein appears to be infringing a federal ethics rule Don Fox, acting director of the Office of Government Ethics during the Obama administration and before that, an attorney in Republican and Democratic administrations, said that restricts government officials from meeting with their former private-sector aides.

Mr Fox called the meeting inappropriate. “It’s definitely going to raise questions about how that regulation was drafted,” he said. “There’s no way to undo the stigma that’s going to be attached to it now.”

Source link

Popular Topics

Related Articles