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Reply #69: Sidley Austin LLP Pays IRS $39.4 Million Penalty [View All]

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L. Coyote Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-25-07 08:08 PM
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69. Sidley Austin LLP Pays IRS $39.4 Million Penalty
Rs. Get out of jail free, just pay the fines...

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Sidley Austin LLP Pays IRS $39.4 Million Penalty
IR-2007-103, May 23, 2007
http://www.irs.gov/irs/article/0,,id=170731,00.html

WASHINGTON The Internal Revenue Service today announced that it has reached a settlement with the law firm of Sidley AustinLLP,the successor firm of the merger in 2001 between Sidley & Austin and Brown & WoodLLP, which has paid a civil tax shelter promoter penalty of $39.4 million. The penalty stems from the firms promotion of abusive tax shelters and a failure to comply with tax shelter registration requirements.

Sidley Austin has paid a significant penalty for its role in promoting abusive tax shelters, said IRS Acting Commissioner Kevin M. Brown. The firm has also taken concrete steps to prevent a recurrence of this behavior in the future, which they have agreed to maintain going forward. We appreciate their actions and their cooperation in our ongoing investigations.

The firm issued opinions in connection with potentially abusive tax shelters to over 700 high-net worth individuals and corporations. .....
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