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Taxation - Confidence Games: Lawyers, Accountants, and the Tax Shelter Industry (Mit Press)

Description

Book Synopsis: The rise and fall of a tax shelter industry that enabled some of America's richest citizens to avoid paying their fair share of taxes. For ten boom-powered years at the turn of the twenty-first century, some of America's most prominent law and accounting firms created and marketed products that enabled the very rich--including newly minted dot-com millionaires--to avoid 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 rise and fall of the tax shelter industry during this period, offering a riveting account of 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 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 was over, leaving failed firms, disgraced professionals, and prison sentences in its wake. Rostain and Regan's cautionary tale remains highly relevant today, as lawyers and accountants continue to face intense competitive pressure and regulators still struggle to keep pace with accelerating financial risk and innovation.

Details

Are you tired of seeing America's richest citizens evade their taxes while you pay your fair share? Look no further than "Confidence Games: Lawyers, Accountants, and the Tax Shelter Industry" book from Mit Press. This eye-opening book reveals the rise and fall of the tax shelter industry that allowed the wealthy to avoid their tax obligations. Learn how prestigious firms like KPMG and Ernst & Young developed and marketed products that helped the rich claim benefits not recognized by law.

With its captivating storytelling, "Confidence Games" by Tanina Rostain and Milton Regan provides a riveting account of the most serious episode of professional misconduct in the history of the American bar. Discover how these abusive tax shelters with names like BOSS, BLIPS, and COBRA brought in millions in fees for firms and bilked the U.S. Treasury of billions in revenues. This book sheds light on a dark period, revealing the intricate web of deceit that allowed the rich to escape their tax responsibilities.

Not only does "Confidence Games" expose the misconduct of law and accounting firms, but it also highlights the failures in regulation and enforcement. Gain insight into the challenges faced by the IRS, the influence of antitax politics, and the competition among professional service providers. Rostain and Regan's cautionary tale serves as a wake-up call to the ongoing issues faced by lawyers, accountants, and regulators in an ever-evolving financial landscape.

If you're concerned about the fairness and integrity of the tax system, "Confidence Games: Lawyers, Accountants, and the Tax Shelter Industry" is a must-read. Gain a comprehensive understanding of how the wealthy schemed to evade taxes and the consequences they faced when their schemes unraveled. Don't miss out on this opportunity to educate yourself and make a difference in the fight against tax evasion.

Take action now and grab your copy of "Confidence Games: Lawyers, Accountants, and the Tax Shelter Industry." Arm yourself with knowledge and join the fight for tax fairness today.

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