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15 Sep 2008
The IRS has reached a settlement with Arnold & Porter, a law firm which has subsequently paid an undisclosed penalty after admitting to the promotion of tax shelters.
It's alleged between the periods of 2000 and 2002 the law firm failed to comply with tax shelter registration requirements.
In addition, Arnold & porter also participated in organizing three types of listed tax-shelter transactions which it then sold to high net-worth individuals and corporations.
Ernst & Young has also been caught up in the dispute over compliance with tax shelter registrations.
Peter Cinquegrani, a former partner at Arnold & Porter, and employees of Ernst & Young designed tax shelters and a legal opinion to support it, according to Reuters.
Following the settlement of the case, the IRS said the law firm has since implemented a suitable compliance program.
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