CPAs licensed to practice law
Multi-million dollar clients wishing to avoid taxes
What to you think happens?
In June, 2009, five individuals from the Chicago area and two others were indicted by the U.S. Attorney's office on 27 counts including tax evasion and conspiracy to defraud the IRS.
These seven individuals allegedly developed, marketed, and executed complex tax shelters designed to fool the IRS into thinking they were legitimate. These tax shelters gave the appearance to the IRS that wealthy individuals had sustained losses that would then prevent them from paying government taxes. The defendants also participated in these schemes and, over the course of ten years, produced over $7.3 billion in false and fraudulent tax losses.
The attorneys and CPAs convinced their clients that if the IRS came a'knocking, they were protected by letters from the firm.
In these days of intense government spending, uncertain tax futures, and high unemployment, the last thing we need is licensed individuals in positions of trust fleecing the government. I know that every profession has its bad apples, but these lawyers who allegedly acted in this way took it to an entirely new level.
Read the press release here.
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We all know there are unscrupulous "professionals" out there-but hearing the specifics just brings home that point. And the fact that "clients" seek out services which will enable them to cheat the government, and thereby other citizens, turns my stomach. I guess the mantra is "Just don't get caught." Nice post.
ReplyDeleteThese people are needed to keep us ever growing and aware that there are volunarable points in our system and we need to continue to change. "Professionals" that flirt with the line of legal/ethical we must attempt to remain a step ahead to protect our legal process.
ReplyDeleteGood post, Amanda... It is hard to fathom, although understandable, that there are those in this society, who no matter how wealthy they become, don't want to face the responsibility of making sure they pay their taxes. It is unnerving, to say the least, that those who have gotten what is referred to as "ill gotten gain" have the idea that they for some reason are better than the "poorest of the poor" and shouldn't be burdened with having to pay taxes.
ReplyDelete