Confidence Games - 9780262027137

Un libro in lingua di Tanina Rostain Regan Milton C. Jr. edito da Mit Pr, 2014

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For ten boom-powered years at the turn of the twenty-first century, some of America'smost 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 claimingbenefits 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. Theybrought in hundreds of millions of dollars in fees from clients and bilked the U.S. Treasury ofbillions in revenues before the IRS and Justice Department stepped in with civil penalties andcriminal prosecutions. In Confidence Games, Tanina Rostain and Milton Regandescribe the rise and fall of the tax shelter industry during this period, offering a rivetingaccount 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 antigovernmentpoliticians; heightened competition for professional services; the relaxation of tax practitionernorms against aggressive advice; and the creation of complex financial instruments that made abusiveshelters harder to detect. By 2004, the tax shelter boom was over, leaving failed firms, disgracedprofessionals, and prison sentences in its wake. Rostain and Regan's cautionary tale remains highlyrelevant today, as lawyers and accountants continue to face intense competitive pressure andregulators still struggle to keep pace with accelerating financial risk and innovation.

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