Indictment Is Cause for Alarm for Tax Shelter Lawyers

, The American Lawyer

In recent months the government's tax shelter team has been working overtime. First, the firms that were the most active in helping to push abusive tax products — Sidley Austin and the now-defunct Jenkens & Gilchrist — settled with the government. They agreed to pay big fines but avoided criminal charges. Soon after, four current and former Ernst & Young LLP tax professionals were indicted for allegedly promoting fraudulent tax shelters.

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