Jenkins law firm to close amid tax probe
Lawyer News
Dallas law firm Jenkens & Gilchrist will close and pay a $76 million fine to settle a federal criminal tax-shelter probe, government officials said Thursday.
The penalty stems from the firm's "promotion of abusive and fraudulent tax shelters in violation of the tax law," the Internal Revenue Service said.
Jenkens & Gilchrist, which had more than 600 attorneys until recently, intends to close its main office in Dallas at the end of the month, after having already closing other offices, the U.S. Attorney's office said.
The firm was shutting down because it realized its illegal activities had "caused serious damage to its reputation, revenues and stability," the U.S. Attorney's office said.
The law firm did not have an immediate comment, but in an earlier statement said, "We deeply regret our involvement in this tax practice, and the serious harm it caused to the United States Treasury."
The IRS said some 1,400 high-net-worth investors followed Jenkens & Gilchrist's advice "and will owe interest and penalties on their underpayment of tax."
Related listings
-
Intel said IRS settlement to reduce tax burden
Lawyer News 03/29/2007Chipmaker Intel Corp. said on Thursday it will set aside $275 million less than it had planned for taxes as a result of a settlement with the U.S. Internal Revenue Service, and says its 2007 tax rate will be lower than expected. The IRS told Intel on...
-
Tax Cheat Avoids $100 Million Penalty
Lawyer News 03/28/2007Incorrectly worded Justice Department documents filed as part of the biggest tax prosecution ever will cause the federal government to miss out on $100 million.Telecommunications entrepreneur Walter Anderson, who admitted hiding hundreds of millions ...
-
Felony charges dropped in HP 'pretexting' case
Lawyer News 03/15/2007[##_1L|1347134875.jpg|width="120" height="107" alt=""|_##]A California state judge on Wednesday dropped the felony charges against four defendants in the Hewlett-Packard (HP) pretexting scandal after the defendants pleaded no contest to misdemeanor c...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.