Illegal Tax Shelters

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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
  • COBRA
  • PICO
  • FLIP
  • OPIS

Major accounting firms include:

  • Ernst and Young
  • KPMG
  • PriceWaterhouseCoopers
  • 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.