About Tax Shelters


As a retired IRS large case branch chief, I read with great interest the comments on corporate tax shelter abuse (“Lifson Testifies on Tax Shelters,” JofA Jan.00, page 81) .

I was involved in a related case that was upheld by the Supreme Court as a definite tax shelter. Eight major corporations were involved to the tune of $4.5 billion.

I believe there are many more such abuses being tried by large corporations with major brokerage houses as the creators. Therefore, Fortune 500 companies and promoters should be required to make disclosures.

Bob Selinger, CPA
East Brunswick, New Jersey


6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.


How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.