Wednesday, July 2, 2014
The Georgetown Law web page has this post on the new book by Tanina Rostain and Mitt Regan
In their new book Confidence Games: Lawyers, Accountants, and the Tax Shelter Industry (MIT Press, 2014), Professors Tanina Rostain and Milton C. Regan Jr. describe the rise and fall of the tax shelter industry, the professional misconduct that allowed it to flourish and the ultimately successful government efforts to subdue it.
Rostain and Regan set the stage for this development — the boom years at the turn of the 21st century and the raft of complex tax shelters developed by such accounting firms as KPMG and Ernst & Young — and the hobbled Internal Revenue Service that struggled to keep up with it. The authors acknowledge that individual wrongdoers were at fault, but they also probe the organizational causes and the responsibility of the tax adviser: “If the lawyer fosters the perception that other taxpayers lack a sense of civic obligation, she can lead the client to adopt a similar attitude in self-defense.”
“Confidence Games is a lively and deeply informed human story,” says Pulitzer Prize-winning tax journalist David Cay Johnston. “… Rostain and Regan give readers a solid primer, translating arcane principles of accounting. Then they add a human touch with telling details mined from a public record few others have explored.”
Claire Hill, Professor and James L. Krusemark Chair in Law at the University of Minnesota Law School, says, “This book manages what many might think impossible: it’s a page-turner about tax."