October 06, 2021

New York Times: Lawmakers seek details on accounting firms after a New York Times report

Two Democratic lawmakers are seeking information from the country’s biggest accounting firms about the revolving door between the firm’s tax departments and top positions at the Treasury Department.

Senator Elizabeth Warren of Massachusetts and Representative Pramila Jayapal of Washington made the request after The New York Times detailed how multinational accounting firms effectively draft tax rules from inside the government that benefit their clients.

The Times found at least 35 examples in which employees of big accounting firms left to join the Treasury’s tax policy office or other government positions and then returned to the same firm. In nearly half of those cases, the officials were promoted to partner when they rejoined their old employer, which often means a doubling of their pay.


Read the full story here.

By:  Jesse Drucker
Source: New York Times