IRS to scrutinize returns of executives

The Internal Revenue Service plans to increase audits of corporate executives after exploratory examinations uncovered significant problems.

“We did a quick check on returns and filing patterns, and we were surprised at the number who were not filing tax returns,” said Keith Jones, director of IRS field specialists.

Jones said Friday that the agency expected to send a memo to all agents next week instructing them to inspect corporate executives’ returns at twice the current rate, including scrutiny of such corporate perks as stock options, private jets and luxury apartments.

Corporate governance

Firm seeks ouster of Buffett from Coke

Shareholders of The Coca-Cola Co. are being urged to withhold their votes for billionaire investor Warren Buffett for re-election to the beverage giant’s board and to support a proposal to separate Coke’s chairman and chief executive positions.

Institutional Shareholder Services, which advises shareholders on corporate governance issues, argues that Buffett can’t be considered an independent director because of ties between Coke and some of his outside business interests.

The Atlanta-based soft drink company is asking shareholders to vote for Buffett and against the chairman-chief executive separation proposal, according to a filing Friday with the Securities and Exchange Commission.

The issues will be voted on during the firm’s annual meeting on April 21.

Labor

DuPont to cut 2,500

DuPont Co. will eliminate at least 2,500 jobs companywide, about 3 percent of its work force, as part of cost-cutting plans announced last year, a union leader said Friday.

The nation’s largest chemical company has not yet made the cuts official, but plans to make an announcement Monday, said David J. Gibson, president of Local 1186 of the International Brotherhood of DuPont Workers, which represents hourly workers at DuPont’s Marshall Laboratory in Philadelphia.

He said he expected some of the 450 union and nonunion workers at the Philadelphia laboratory to lose their jobs.

Wall Street

Financial markets closed

Financial markets were closed Friday in observance of the Easter holiday. They are scheduled to reopen Monday.