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Tax-saving Advisors?

Tax Services Solve Tax Problems. > Penalties  > Tax-saving Advisors?

Tax-saving Advisors?

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There are many instances where tax-saving advisors go to prison for their advises and leave their customers with unresolved IRS debt.

US Tax Court recently posted Order of Service of Transcript

Adalius Thomas
Petitioner
v.
Commissioner of Internal Revenue
Respondent

(6/16/2021)

What is this case showing? Many things, of course, but what was significant to me personally is that …Gary Stern, a licensed attorney in IL state, advised his clients to make capital contributions to partnerships in exchange for partnership interests. Under his advice, the key here is that partnerships would engage in fuel production and then pass federal income tax credits through to their partners. This scheme was not eligible for the credits and Mr. Stern was criminally indicted for fraudulent investment schemes. He was sentenced to 3 years in prison, in addition to being enjoined from giving advice to anyone regarding federal income taxes and from preparing federal income taxes.

Mr. Thomas (his client) got stuck with unresolved IRS debt, IRS notices, and a deficiency of $584,430 in tax, and $769.60 in addition to tax, and accuracy-related penalties of $116,886.

The matter was finally resolved by paying the taxes and the penalties owed.

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