US Back Taxes
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Latest reports on US back taxes have revealed that John Lewis, who acts as Chairman of House Ways and Means Subcommittee on Oversight has announced that a number of business entities are still to pay back taxes.
As per news on back taxes of US it has been confirmed that these companies were ones, which had received financial help as per Troubled Asset Relief Program. John Lewis believes that it was discreditable and undignified that even after being provided with capital worth billions through above mentioned program these companies still owed back taxes in US.
Latest reports on US back taxes have revealed that John Lewis, who acts as Chairman of House Ways and Means Subcommittee on Oversight has announced that a number of business entities are still to pay back taxes.
As per news on back taxes of US it has been confirmed that these companies were ones, which had received financial help as per Troubled Asset Relief Program. John Lewis believes that it was discreditable and undignified that even after being provided with capital worth billions through above mentioned program these companies still owed back taxes in US.
Reports on back taxes at US have revealed that each of a couple of these companies owe back taxes in excess of $100 million. As of now Oversight Subcommittee has reviewed USA back taxes status of only 23 leading companies out of 470 business organizations, which had been provided with Troubled Asset Relief Program. John Lewis has reiterated that if US back taxes status of all these companies is subjected to scrutiny interesting results would be coming up for sure.
This meeting regarding US back taxes was not attended by Treasury Department even though it was sent an invitation for same. Gene Dodaro, who is acting US Comptroller General and Neil Barofsky who is Special Inspector General of Troubled Asset Relief Program, had testified in this meeting. Barofsky has stated that more investigation needs to be done regarding exact condition and status of US back taxes.
He has also stated that if any company accepted financial assistance from Troubled Asset Relief Program while they owed US back taxes it would be tantamount to a criminal offence as it is strictly forbidden in terms of contract of same.
Media in America has been barred from naming companies that still owe US back taxes as it is forbidden as per federal laws and tax codes. In US information regarding taxes at private level cannot be disclosed to public.
As of now, Troubled Asset Relief Program has provided financial assistance worth in excess of $300 million. There are plans to provide further monetary help. However, it is being suggested that these companies should be signing contracts that state they do not have any US back taxes before accepting any form of fiscal help from Troubled Asset Relief Program.
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