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Tax and Tax Information - Fraudulent Tax Shelters

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Tax and Tax Information * Fraudulent Tax Shelters

Fraudulent Tax Shelters - KMPG Goes Down Hard   
Richard A. Chapo

In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars, but nine of its executives still are under indictment.


Son of Boss Tax Shelters

Article to continue below----------------------------------------------

NY Governor Rejects Reimposing Stock Transfer Tax (Reuters Via Yahoo! News)
New York state should not reimpose a stock transfer tax as this would make Wall Street firms move to other cities such as New Jersey's Newark, or other states like Connecticut, Governor David Paterson...

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From 1996 to 2003, KMPG promoted a tax strategy known as the Son of Boss. This shelter was used to create phony tax losses that could be claimed by wealth individuals looking to write off tens of millions of dollars. KMPG promoted the structure despite the fact it's own internal tax attorneys warned the structure was fraudulent and could result in criminal charges. So far, wealthy individuals participating in the scheme have paid over $3.7 billion dollars to the IRS.


There should be no mistaking the impact of the plea agreement in this case. KMPG may have enjoyed the huge fees earned from the scam, but it is paying an incredible price for pursuing this practice. The price paid includes:

Article to continue below----------------------------------------------

New York Mayor Bloomberg Presses For Tax On Soda (Reuters Via Yahoo! News)
New York City Mayor Michael Bloomberg urged state legislators to levy a tax on soda, saying the money raised would help plug the state's shortfalls in health care and education funding.

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1. 456 Million Dollar Fine,


2. Permanently barred from providing tax services to wealthy individuals,


3. Permanently barred from involvement in any pre-packaged tax strategies,


4. Permanently barred from charging a contingency fee for work,


5. All actions monitored by government appointee for three years,


6. Full cooperation with government in indictments of individual KMPG employees.


Remaining Indictments


While KMPG pled guilty, it left its employees out to dry. An interesting maneuver since one can assume KMPG enjoyed the millions of dollars produced from the fraudulent tax shelters. Those under indictment, who are all now former employees, are:


1. Jeffrey Stein, former Deputy Chairman of KPMG, former Vice Chairman of KPMG in charge of Tax and former KPMG tax partner;


2. John Lanning, former Vice Chairman of KPMG in charge of Tax and former KPMG tax partner;


3. Richard Smith, former Vice Chairman of KPMG in charge of Tax, a former leader of KPMG's Washington National Tax and former KPMG tax partner;


4. Jeffrey Eischeid, former head of KPMG's Innovative Strategies group and its Personal Financial Planning Group and former KPMG tax partner;


5. Philip Wiesner, former Partner-In-Charge of KPMG's Washington National Tax office and former KPMG tax partner;


6. John Larson, a former KPMG senior tax manager;


7. Robert Pfaff, a former KPMG tax partner;


8. Mark Watson, a former KPMG tax partner in its Washington National Tax office.


In Closing


In the end, KMPG led clients down a very dangerous path for the apparent purpose of generating revenue. While even bad publicity is supposed to be good publicity, this situation seems to suggest the opposite.


Richard A. Chapo is with http://www.businesstaxrecovery.com - Stop overpaying small business taxes. Visit http://www.businesstaxrecovery.com/articles to read more business tax articles about tax relief and tax help.

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Who are the CPA Moms?      Your Tax Professional Forever!!!!

“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon.

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Index of Articles about Taxes

What Other Authors say about Taxes

Special assistance for Singapore company formation by ken wilson

Incorporating a company in Singapore might be the smartest decision you can make when thinking about making an investment. If you decide to do that, we can help you with your Singapore company formation,...

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