Jenkens & Gilchrist will close and pay a $ 76 million civil fine for promoting tax shelters that were allegedly fraudulent. According to the U.S. Internal Revenue Service (IRS), nearly 1,400 individuals received incorrect advice from the Dallas law firm. Some clients have apparently sued the business for damages incurred because of the advice.
“This should be a lesson to all tax professionals that they must not aid or abet tax evasion by clients or promote potentially abusive or illegal tax shelters, or ignore their responsibilities to register or disclose tax shelters.” – IRS Commissioner Mark Everson