IRS penalties wipe out white shoe law firm

BVWireIssue #55-1
April 4, 2007

Last week the IRS announced a $76 million settlement with Jenkens & Ghilchrist, the 56 year-old national law firm accused of promoting abusive and fraudulent tax shelters to high-net-worth individuals.  The IRS estimates that 1,400 investors are affected by the firm’s tax advice and may now face interest and penalties on any underpayments.  Meanwhile, the Dallas-based law firm is winding down its legal practice and business affairs.  For more details, click here.

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