Abstract

In recent years, the line between tax advisory and illegal tax shelter services has become increasingly blurred. The ethical dilemmas that tax shelters present challenge professionals to maintain their integrity and objectivity. This essay explores tax shelter services from historical, legal, and ethical viewpoints. It also examines litigation, both recent and long-standing, that has blazed the path for the tax shelter advisory that is currently provided by business professionals. The discussion in this paper is especially apropos given the state of international tax shelter controversies that have emerged in the past year.

Highlights

  • Tax advisory services have represented an integral business segment for public and private accounting firms

  • Recent litigation highlights the importance of examining these "abusive" tax shelters from a historical, legal, and ethical perspective

  • Both lawyers are licensed CPAs who practiced i n public accounting before joining their respective law firms. Their opinions and observations are incorporated throughout the paper i n order to present an integrated, organic approach to the topic. This examination will conclude with suggestions for further research and a demarcation of possible solutions for the future of abusive tax shelters

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Summary

INTRODUCTION

Tax advisory services have represented an integral business segment for public and private accounting firms. Tax counseling has traditionally been considered a non-attest function, many large and renowned accounting firms regarded tax advisory as an indelibly complementary service to auditing i n the early 1900s. Both lawyers are licensed CPAs who practiced i n public accounting before joining their respective law firms Their opinions and observations are incorporated throughout the paper i n order to present an integrated, organic approach to the topic. This examination will conclude with suggestions for further research and a demarcation of possible solutions for the future of abusive tax shelters. The proposed strategies will be founded on an amalgamation of legal and ethical perspectives and will elucidate the probable role of the professional i n the continually dynamic world of tax shelter activity

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