Deutsche Bank AG, BDO Seidman LLP and an ex-BDO Seidman partner were sued over claims they designed a fraudulent tax shelter that caused losses for a former chief operating officer of a Fortune 100 software company.
Ray Lane, former chairman of Hewlett- Packard Co. and partner emeritus at venture-capital firm Kleiner Perkins Caufield & Byers, is in a dispute with the U.S. Internal Revenue Service that has left him with a $100 million tax bill.
The U.S. Supreme Court upheld a tax- shelter penalty on partnerships used by Billy Joe “Red” McCombs, the billionaire co-founder of Clear Channel Communications Inc. and former owner of pro football’s Minnesota Vikings.
BDO Seidman LLP former tax partner Robert Greisman pleaded guilty to three counts of conspiracy to defraud the U.S. in connection with tax shelter transactions involving the defunct law firm Jenkens & Gilchrist.
Bloomberg News's Jesse Drucker is out today with a big scoop chronicling how Republican presidential hopeful Mitt Romney presided over Marriott International Inc.'s audit committee during the 1990s while the company used an abusive tax shelter called Son of BOSS. Ultimately the Internal Revenue Service's decision to disallow the shelter was upheld by a federal appeals court in 2009 -- eight years after the IRS initially ruled against Marriott, and 15 years after Marriott first put the strategy in place.