The suit stems out of work done by former Buchanan partner Louis Diamond, who was hired by lobbyists Hector Alcalde and Kevin Fay to set up an employee stock ownership plan and advise on related investments designed to defer capital gains taxes. Alcalde and Fay’s complaint alleges that as a result of bad advice from Diamond, the Internal Revenue Service has tried to collect $2 million in capital gains taxes, penalties and interest that they say they shouldn’t have to pay.
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