Donna Guerin, 52, a former partner at the now defunct Jenkens & Gilchrist law firm, entered the plea in U.S. District Court to conspiracy to defraud the United States and tax evasion.
During the guilty plea proceeding Guerin acknowledged that she knew that the tax shelter transactions would be allowed by the IRS only if there was a reasonable possibility of a profit and if the clients were entering into the tax shelter transactions for genuine, non-tax business reasons. Guerin, said she helped draft opinion letters to make it seem like wealthy clients were investing in legitimate business ventures when they were not.
The judge asked her if she knew that what she was doing was wrong and illegal. "I came to that understanding over time," she answered.
The charges of conspiracy to defraud the United States and tax evasion carry a 5- 10 year in prison term. Sentencing for the Elmhurst, Ill., resident was set for Jan. 11. She also agreed to forfeit $1.6 million.If you want Solid Defendable Tax Advice, contact the Tax Lawyers at Marini & Associates, P.A. for a FREETax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).
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Read more at: Tax Times blog
