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Tell us how you really feel

May 20, 2010

Jack Townsend, a criminal defense tax attorney, seems to think the taxpayer fared poorly in a recent Son-of-Boss tax shelter case:

Judge Finds Ambassador's Tax Shelter Transactions Bull**** (Actually Worse Than That)

He summarized this nicely:

The taxpayers involved (when the drill down on the partnerships is made) were Richard and Maureen Egan. Richard Egan was former Ambassador to Ireland. He and his wife made too much money. He and his wife did not like to pay tax. They entered phony transactions to shelter large gains. They did not pay the tax. They tried to hide their activity from the IRS. They were caught. His estate and his wife will have to pay the tax, interest on the tax, apparently the accuracy related penalties, and interest on the accuracy related penalties.

But the litigation goes on in hopes that sooner or later one of the appeals courts will accept these deals.