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Firms name names in tax shelter probe; Accountants keep tabs on landmark IRS lawsuit.(News)(white-shoe clients' tax shelters)
Crain's Chicago Business, October, 2003
Byline: JULIE JOHNSSON The taxman cometh for wealthy clients of Chicago accounting firm BDO Seidman LLC and its defunct counterpart, Arthur Andersen LLP. Both firms have given the Internal Revenue Service (IRS) the identities of white-shoe clients who participated in tax shelters, after a federal Appellate Court here denied emergency motions by the Does, Roes and Poes to maintain their anonymity while they petitioned the U.S.
Supreme Court to intervene in the matter. Attorneys and accountants nationwide are paying close attention to the groundbreaking cases, which stem from a nationwide IRS effort to crack down on questionable tax shelters. At issue: whether tax advice is privileged information. "It's got the whole accounting industry in a bit of chaos...
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