Tax Subject PS5 - Ethics of Tax Shelters - Partnerships

We hear of KPMG and Enron and their organizers getting steep penalties and prison time for their involvement with fraudulent and unlawful conduct in company operations. Tax shelters have become so commonly widespread and abusive that Congress and the IRS had to take action. New provisions had to be implemented that include hefty penalties and new ethical standards and guidelines had to be imposed for attorneys, CPAs, enrolled agents, actuaries and tax professionals regarding proper tax advice to taxpayers.

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