The Planned Giving Design Center has released the following message detailing recent developments in an ongoing ethics scandal:
The United States has asked a federal court to permanently bar Philip A. Kaiser, a St. Louis tax lawyer, from promoting several allegedly fraudulent tax schemes, the Justice Department announced today. According to the civil injunction suit, filed in the U.S. District Court in St. Louis, Kaiser has sold schemes that help wealthy clients:
- use sham transactions to claim massive charitable contribution deductions, with little or no money actually going to any legitimate charity;
- evade income tax on business earnings by using sham transactions with sham corporations to reduce customers' reported federal income tax liabilities;
- legally circumvent the contribution limits for Roth IRAs; and
- evade federal income tax on gains from stock sales by using the Derivium tax scheme to disguise the sales as "loans."
To view the original release, please click here.
The Planned Giving and Design Center is a national network of websites dedicated to advancing philanthropy through education via the Internet.
Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal
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