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Tanina Rostain
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Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.001.0001
EISBN: 9780262323161
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.
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0011
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0012
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0013
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0014
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0015
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0016
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0017
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0018
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0019
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0020
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0021
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0001
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0002
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0003
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0004
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0005
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0006
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0007
EISBN: 9780262323161
Publisher: The MIT Press
Published: 25 April 2014
DOI: 10.7551/mitpress/8423.003.0008
EISBN: 9780262323161