The University of Arizona Foundation and two of their largest donors, Karl and Stevie Eller, have filed suit against Swiss bank UBS for its role in an abusive tax shelter scheme. The Ellers’ previously donated $23 million to the University. The lawsuit claims that UBS was acting as the Ellers’ financial advisor and that they […]
IRS Wins Tax Shelter Case – Will Claims Of Accounting Malpractice Follow?
by Brian Mahany Earlier this week the United States Tax Court ruled in favor of the IRS in a widely watched corporate tax shelter case. The test case, involving Bank of New York Mellon, could cost the bank $800 million. Although BONY has promised to appeal, the loss may create a waive of accounting malpractice […]