Skeletons in the closet--second thoughts about past tax-sheltered write-offs. (Tax Strategy).

Accounting Today, September, 2002 by George G. Jones

Times change. Many practitioners who considered themselves on the cutting edge several years ago when they found and implemented aggressive tax-planning strategies are now concerned that someone at the Internal Revenue Service, or even the Securities and Exchange Commission, may second-guess the propriety of their past activities.

Measured against the new standards of the day, many tax plans that, only a few years ago, circulated as creative tax strategies are now considered too hot to handle.

While many practitioners, today, would not recommend certain tax-sheltered arrangements because of the scrutiny that they would attract, the fact remains that many practitioners have recommended rather aggressive strategies in the past. So, how should the practitioner...