Confidence Games: Lawyers, Accountants, and the Tax Shelter by Tanina Rostain,Milton C. Regan Jr.

By Tanina Rostain,Milton C. Regan Jr.

For ten boom-powered years on the flip of the twenty-first century, a few of America's such a lot renowned legislations and accounting corporations created and advertised items that enabled the very wealthy -- together with newly minted dot-com millionaires -- to prevent paying their fair proportion of taxes by means of claiming merits no longer well-known by way of legislation. those abusive household tax shelters bore such unique names as BOSS, BLIPS, and COBRA and have been constructed by way of such prestigious companies as KPMG and Ernst & younger. They introduced in thousands of hundreds of thousands of bucks in charges from consumers and bilked the U.S. Treasury of billions in sales ahead of the IRS and Justice division stepped in with civil consequences and felony prosecutions. In Confidence Games, Tanina Rostain and Milton Regan describe the increase and fall of the tax look after in this interval, providing a riveting account of the main critical episode misconduct within the background of the yank bar. Rostain and Regan describe a beleaguered IRS preoccupied through assaults from antitax and antigovernment politicians; heightened festival for pro providers; the relief of tax practitioner norms opposed to competitive suggestion; and the construction of advanced monetary tools that made abusive shelters tougher to notice. by means of 2004, the tax safeguard increase used to be over, leaving failed enterprises, disgraced execs, and felony sentences in its wake. Rostain and Regan's cautionary story continues to be hugely suitable this present day, as legal professionals and accountants proceed to stand excessive aggressive strain and regulators nonetheless fight to maintain velocity with accelerating monetary hazard and innovation.

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