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Confidence Games: Lawyers, Accountants, and the Tax Shelter Industry (MIT Press)

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Description

The rise and fall of a tax shelter industry that enabled some of The usa’s richest citizens to keep away from paying their fair share of taxes.

For ten boom-powered years on the turn of the twenty-first century, some of The usa’s most prominent law and accounting firms created and marketed products that enabled the very wealthy — including newly minted dot-com millionaires — to keep away from paying their fair share of taxes by claiming benefits not recognized by law. These abusive domestic tax shelters bore such exotic names as BOSS, BLIPS, and COBRA and were developed by such prestigious firms as KPMG and Ernst & Young. They brought in hundreds of millions of dollars in fees from clients and bilked the U.S. Treasury of billions in revenues before the IRS and Justice Department stepped in with civil penalties and criminal prosecutions. In Confidence Games, Tanina Rostain and Milton Regan describe the upward push and fall of the tax shelter industry right through this period, offering a riveting account of probably the most serious episode of professional misconduct in the history of the American bar.

Rostain and Regan describe a beleaguered IRS preoccupied by attacks from antitax and antigovernment politicians; heightened competition for professional products and services; the relaxation of tax practitioner norms against aggressive advice; and the creation of complex financial instruments that made abusive shelters harder to detect. By 2004, the tax shelter boom used to be over, leaving failed firms, disgraced professionals, and prison sentences in its wake. Rostain and Regan’s cautionary tale remains highly relevant these days, as lawyers and accountants continue to face intense competitive pressure and regulators still struggle to keep pace with accelerating financial risk and innovation.

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