Ready to Help Whenever You Need Us
We know who to talk to, where to find answers, and what steps you need to take. Let us put our 30 years of experience to work for you.
Tax shelters recommended by some major accounting and law firms have been declared illegal. Now, investors are being penalized for following the advice.
The IRS has identified the taxpayers who participated in abusive tax shelter transactions on the advice of several law firms and major accounting firms and is now taking measures to collect back taxes. It is also leveling fines.
The back taxes, interest and penalties as high as 40% that investors may owe could easily exceed any tax savings generated by these abusive tax shelters.
Some of the abusive or illegal tax shelters include:
- Son of Boss
Major accounting firms include:
- Ernst and Young
- BDO Seidman
According to court papers, some of these accounting firms would charge their clients $1 million just to learn about these shelters. The shelters were promised to legally eliminate or reduce taxes.
The IRS has been cracking down on tax evasion schemes and has collected the names of the individual investors that participated in these shelters at the advice of the above mentioned accounting firms.
If you or someone you love has been harmed by an illegal tax shelter, you may be entitled to compensation. Fill out the form on this page or call Sokolove Law today at 877-490-6522 for a free case evaluation.