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Business & Education

IRS Cracks Down on Tax Shelters

By Jim Zarroli

Published September 27, 2004 at 11:00 PM CDT

IRS investigators are cracking down on wealthy people who put their money into elaborately designed tax shelters. U.S. officials say tax avoidance schemes marketed to wealthy corporations and individuals exploded in the 1990s. NPR's Jim Zarroli reports.

Corrected: October 5, 2004 at 11:00 PM CDT

This report contains the statement that William Seippel is suing the Ernst and Young accounting firm. While Mr. Seipple is suing the bank and law firm that set up the shelter he used, he is not suing Ernst and Young.

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Jim Zarroli

Jim Zarroli is an NPR correspondent based in New York. He covers economics and business news.

See stories by Jim Zarroli

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