Judge smacks down Ernst & Young's aggressive tax strategies for audit client Coca-Cola
It's not enough for auditor EY to be in the spotlight for frauds at Wirecard, NMC, and Luckin. EY is also defending dubious tax avoidance schemes in court.
Ernst & Young’s tax avoidance strategy consulting work for Coca-Cola, while also acting as its auditor, helped reduce Coca-Cola’s 2007-2009 taxable income by more than $9 billion, according to the Tax Court’s opinion in the case The Coca-Cola Co. v. Commissioner. The Tax Court on Wednesday upheld two IRS adjustments that reinstated the $9 billion in 200…
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