Thirteen companies that got money from the Treasury Department under the Troubled Asset Relief Program are delinquent on their taxes, congressional investigators say.
That revelation was the latest in a series of bailout-related bombshells to hit Washington this week.
According to the House Ways and Means Committee's oversight panel, the delinquent companies owe as much as $220 million in income or employment tax to the federal government. The panel reviewed the Internal Revenue Service files of only the top 23 recipients of TARP money.
The committee did not release any names, citing privacy concerns, but said that the two firms with the largest tax liabilities owed $113 million and $102 million. The IRS said Thursday that some of the taxes owed had been repaid since the House began its investigation.
Under the terms of the TARP program, companies receiving bailout money must obey all federal law and be current on tax obligations.
"The IRS recognizes that those entities that receive taxpayer support have a special obligation to pay their taxes, and these taxpayer accounts will remain closely monitored by the IRS to ensure that the full amount of taxes due are paid," said Frank Keith, an IRS spokesman.
The Washington Post reported today that it asked the 23 largest recipients if they had any outstanding taxes. Nine responded and said they did not. They included Bank of America, Wells Fargo, Citigroup, Capital One, Northern Trust, CIT Group, Marshall & Isley Corporation, Chrysler, and General Motors.
At least one of the companies on the list, American International Group Inc. (AIG) is already on the record as owing taxes. The company sued the IRS last month over $306 million in tax payments related to deals conducted through offshore tax havens.
Another TARP recipient, PNC Financial Services Inc., told the Post that "there may be instances where we are in discussion with the United States about specific items."
That revelation was the latest in a series of bailout-related bombshells to hit Washington this week.
According to the House Ways and Means Committee's oversight panel, the delinquent companies owe as much as $220 million in income or employment tax to the federal government. The panel reviewed the Internal Revenue Service files of only the top 23 recipients of TARP money.
The committee did not release any names, citing privacy concerns, but said that the two firms with the largest tax liabilities owed $113 million and $102 million. The IRS said Thursday that some of the taxes owed had been repaid since the House began its investigation.
Under the terms of the TARP program, companies receiving bailout money must obey all federal law and be current on tax obligations.
"The IRS recognizes that those entities that receive taxpayer support have a special obligation to pay their taxes, and these taxpayer accounts will remain closely monitored by the IRS to ensure that the full amount of taxes due are paid," said Frank Keith, an IRS spokesman.
The Washington Post reported today that it asked the 23 largest recipients if they had any outstanding taxes. Nine responded and said they did not. They included Bank of America, Wells Fargo, Citigroup, Capital One, Northern Trust, CIT Group, Marshall & Isley Corporation, Chrysler, and General Motors.
At least one of the companies on the list, American International Group Inc. (AIG) is already on the record as owing taxes. The company sued the IRS last month over $306 million in tax payments related to deals conducted through offshore tax havens.
Another TARP recipient, PNC Financial Services Inc., told the Post that "there may be instances where we are in discussion with the United States about specific items."
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