By Tanina Rostain,Milton C. Regan Jr.

For ten boom-powered years on the flip of the twenty-first century, a few of America's such a lot admired legislation and accounting agencies created and advertised items that enabled the very wealthy -- together with newly minted dot-com millionaires -- to prevent paying their fair proportion of taxes through claiming merits no longer famous by way of legislation. those abusive household tax shelters bore such unique names as BOSS, BLIPS, and COBRA and have been constructed through such prestigious organizations as KPMG and Ernst & younger. They introduced in countless numbers of thousands of bucks in charges from consumers and bilked the U.S. Treasury of billions in sales ahead of the IRS and Justice division stepped in with civil consequences and felony prosecutions. In Confidence Games, Tanina Rostain and Milton Regan describe the increase and fall of the tax defend in this interval, providing a riveting account of the main severe episode misconduct within the historical past of the yankee bar. Rostain and Regan describe a beleaguered IRS preoccupied by way of assaults from antitax and antigovernment politicians; heightened festival for pro companies; the relief of tax practitioner norms opposed to competitive recommendation; and the production of advanced monetary tools that made abusive shelters tougher to notice. by means of 2004, the tax safeguard increase was once over, leaving failed agencies, disgraced pros, and felony sentences in its wake. Rostain and Regan's cautionary story continues to be hugely proper this day, as legal professionals and accountants proceed to stand severe aggressive strain and regulators nonetheless fight to maintain velocity with accelerating monetary hazard and innovation.

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Confidence Games: Lawyers, Accountants, and the Tax Shelter Industry (MIT Press) by Tanina Rostain,Milton C. Regan Jr.


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