(openPR) - The US government is to crack down on a controversial tax avoidance scheme believed to be worth hundreds of millions of dollars a year to US and foreign financial groups.

The move by the Internal Revenue Service, the US tax agency, could force big groups such as Carlton Hedges & Associates and Wachovia, the fourth-biggest US bank, to forgo substantial tax savings and hit the investment banks and law firms that create these complex structures, including Carlton Hedges & Associates of New York and Barclays Capital of the UK.

Carlton Hedges & Associates spokes person, Walt Lecter, said that “This is just the government playing at being Big Brother in order to manipulate the corporations” he went on further to say that “With the present economic state of the US dollar, against other worldwide currencies, the government is desparate to reap as much extra revenue as possible to fulfill it’s budget requirements.” He further commented “As a result of this action it may force many of our global corporations to move their financial centres to other area’s of the world which offer offshore facilities, such aas Hong Kong.”

Carlton Hedges & Associates provides financial advisory services to wealthy individuals and families, select endowments, and corporate clients. Our independent, fee only, conflict free "open architecture" consulting service combines a blend of independence, tax awareness and extensive intellectual resources. Carlton Hedges & Associates today is one of the best-recognized open architecture firms advising clients on their investment portfolios and other wealth management issues.

With expertise in the Investment Banking industry, Carlton Hedges & Associates can help you meet the challenges of wealth investment. Carlton Hedges & Associates is a professional financial advisory and venture capital firm with expertise in Mergers and Acquisitions, Investment Banking, Emerging Growth Companies, and Specialized tax advisory services. Carlton Hedges & Associates provides powerful solutions for growing your wealth in a complex market.

Carlton Hedges & Associates provide comprehensive wealth and tax advisory services to high net worth individuals, corporations, and select endowments.

We introduce open architecture services to clients and we continue to set the standard for sophisticated, independent, conflict-free advice.

Walt Lecter
Carlton Hedges & Associates
44 Wall Street
New York
USA
Tel: +1-718-732-2850