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AIG Sues US Over Tax Payments

By Kevin Spak,  Newser Staff

Posted Mar 20, 2009 10:32 AM CDT
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(Newser) – Even as Washington rails against AIG’s bonus giveaway, the insurer is quietly suing the government for $306 million in tax payments, the New York Times reports. AIG’s case hinges largely on its use of offshore tax havens, including one entity that handles executive compensation. It also says it overpaid the government after a 2004 accounting scandal forced it to restate records.

Other parts of the case are less flashy, involving carry-backs, refund claims, and other tax-related payments. The Internal Revenue Service denied the company’s initial claim last year, so now the company is suing its majority shareholder—the US government. “AIG is taking this action to ensure that it is not required to pay more than its fair share of taxes,” said a spokesman.

Women walk in front of the AIG building in Tokyo yesterday.
Women walk in front of the AIG building in Tokyo yesterday.   (AP Photo)
AIG Chairman Edward Liddy testifies on Capitol Hill on Wednesday.
AIG Chairman Edward Liddy testifies on Capitol Hill on Wednesday.   (AP Photo)
AIG, after getting billions in bailout money, is in effect suing for more, and, the New York Times notes, using taxpayer money to do it.
AIG, after getting billions in bailout money, is in effect suing for more, and, the New York Times notes, using taxpayer money to do it.   (AP Photo)
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COMMENTS
Showing 2 of 2 comments
northeast
Mar 21, 2009 4:59 AM CDT
This is the same AIG that signed an agreement stating that they had no tax issues with the government when they accepted the second bailout?
wwwonderer
Mar 20, 2009 3:52 AM CDT
gotta love the use of the phrase 'fair share'.

AIG sues Uncle Sam
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America has a new enemy
CNN

Some rescued companies owe back taxes
Reuters

 
lawsuit • AIG • Internal Revenue Service • tax code • bank scandal • bailout • tax haven

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