Bloomberg Law
White Collar & Criminal
LinkedIn

BDO to Pay IRS $34 Million Settlement In Unregistered Tax Shelters Dispute

June 14, 2012, 4:00 AM UTC

The Internal Revenue Service announced June 13 that it has entered into a deferred prosecution agreement with BDO USA LLP—formerly BDO Seidman LLP—under which the firm will pay a $34.4 million settlement to the Service for selling unregistered tax shelters between 1997 and 2003.

The announcement (IR-2012-61) said BDO did not register the tax shelters, as required by law, in an effort to conceal them from IRS and to assist high-income taxpayers in evading their federal income taxes.

BDO admitted in the agreement that it assisted high net worth U.S. citizens in evading $1.3 billion in U.S. income taxes on more than $6.5 billion in capital gain and ordinary income through fraudulent tax shelter transactions, including the Short Option Strategy.

Learn more about Bloomberg Law or Log In to keep reading:

See Breaking News in Context

Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.

Already a subscriber?

Log in to keep reading or access research tools and resources.