Washington (Aug. 15, 2003) -- The Department of Justice and the Internal Revenue Service have asked a federal court in Illinois to enforce five administrative summonses and a John Doe summons served on Jenkins & Gilchrist, PC.
The summonses ask the law firm to provide information on listed transactions or other potentially abusive transactions organized or sold by the firm's Chicago office, and to identify taxpayers who may have invested in them.
This is the latest step in a multi-pronged attack, which includes requiring prompt disclosure of potentially abusive transactions by taxpayers and promoters, providing more timely analyses of these transactions, and publishing legal guidance as early as possible.
The IRS is currently investigating 99 promoters (some of which are related), including accounting firms, investment banks, and law firms. Since the beginning of 2002, the IRS has issued 272 summonses to 35 promoters, and has obtained investor lists from at least 25 promoters covering multiple transactions.
-- WebCPA staff
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