Tax & Business Services Partner Diane Giordano Quoted by the New York Times
New York Times
By Liz Moyer
Corporations continue to use big civil legal settlements with federal regulators as a way to deduct billions of dollars from their American tax bills, largely because the regulators fail to forbid the practice in the terms of the settlements.
With federal corporate taxes at about 35 percent and state taxes pushing that up to 40 percent in some cases, “you’re not going to get a better incentive than a tax incentive” to settle, said Diane Giordano, a tax partner at the accounting and advisory firm Marcum.