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

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 so much admired legislation and accounting agencies created and advertised items that enabled the very wealthy -- together with newly minted dot-com millionaires -- to prevent paying their justifiable share of taxes through claiming advantages no longer famous via legislations. those abusive family tax shelters bore such unique names as BOSS, BLIPS, and COBRA and have been built via such prestigious businesses as KPMG and Ernst & younger. They introduced in 1000s of hundreds of thousands of greenbacks in charges from consumers and bilked the U.S. Treasury of billions in sales earlier than 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 take care of in this interval, supplying a riveting account of the main critical episode misconduct within the historical past of the yankee bar. Rostain and Regan describe a beleaguered IRS preoccupied by means of assaults from antitax and antigovernment politicians; heightened pageant for pro prone; the relief of tax practitioner norms opposed to competitive suggestion; and the production of advanced monetary tools that made abusive shelters more durable to observe. via 2004, the tax guard growth was once over, leaving failed organisations, disgraced execs, and criminal sentences in its wake. Rostain and Regan's cautionary story is still hugely appropriate this present day, as legal professionals and accountants proceed to stand severe aggressive strain and regulators nonetheless fight to maintain speed with accelerating monetary probability and innovation.

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Confidence Games: Lawyers, Accountants, and the Tax Shelter Industry (MIT Press) by Tanina Rostain,Milton C. Regan Jr.


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