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The Internal Revenue Service proposed new regulations last week that would tighten the reins on lawyers who vouch for tax shelters and could force law firms to rethink how they supervise their tax departments. The proposal is part of an IRS crackdown on abuses in the tax practice use of opinion letters -- in which lawyers vouch that a tax shelter is likely to satisfy the IRS and the courts. But federal officials have recently started aggressively targeting what they say are fraudulent shelter schemes.
January 06, 2004 at 12:00 AM
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The original version of this story was published on Law.Com
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