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Abusive tax shelters are transactions that promise tax benefits but provide no meaningful change in a taxpayer's income or assets. The goal of abusive tax shelters is to reduce taxes with predictable tax losses or tax consequences. There are a number of schemes that qualify as abusive tax shelters.
This method of reporting revenue has grown in popularity since the early 1990s and has drawn the attention of state and federal authorities. As a result, the Internal Revenue Service and state authorities are combating abusive tax shelters and transactions. It has become increasingly important for taxpayers to be aware of the legality surrounding their revenue reporting methods.
If you have been accused of using an abusive tax shelter to obtain tax benefits, do not hesitate any longer to discuss your case with an experienced attorney. An understanding and knowledgeable lawyer can help you plan for the future and defend yourself and your family. Your decision to speak with a highly regarded attorney today can lead you and the people you care about towards a brighter tomorrow.
