U.S. Indictments Brought Against U.S. Tax Professionals for Tax Shelters

On June 9, 2009, the U.S. Department of Justice announced the return of an indictment in U.S. District for the Southern District of New York against seven tax professionals for their work in designing and marketing abusive tax shelters. The case is the latest prosecution of tax professionals for participating in the use of sophisticated tax products during the 1990s that involved major accounting firms, banks, and law firms as well as complex international structures and offshore entities to take advantage of loopholes in U.S. tax laws...(more)