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Attorneys Up in Arms About IRS Ruling That Nixes Corporate Deductions for Executive Compensation
CFO 
[Guidance Overview] Feb. 28, 2008
Excerpt: [A private letter] ruling was met with a firestorm of criticism, even outrage, by the pillars of our nation's legal community -- in excess of 90 law firms lodged protests with the I.R.S. in which they concluded that the agency's position was unwise and, as a matter of law, incorrect. These protests fell on deaf ears: The I.R.S. has now 'upped the ante.' It has 'upgraded' the position it adopted in the letter to 'published ruling' status. Thus, with the issuance of Revenue Rule 2008-13, the I.R.S. has unequivocally signaled its intentions with respect to this issue.
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