Gary Jackson has represented taxpayers in their fights with the state taxing authorities and has also been involved in disputes with financial institutions over the legality of so-called “tax shelters”. Over the last decade, a number of North Carolina decisions have awarded taxpayers relief in situations where they were taxed above the legal rate. Most of those cases were filed as class actions, and ultimately provided refunds to a large member of North Carolinians. We were significantly involved in a case brought on behalf of federal retirees challenging excessive taxation of their retirement income.
We have also participated in the recent wave of cases against accounting firms, law firms and other financial institution brought by clients who had been lured into illegal and abusive tax shelter transactions based upon these defendants’ fraud, misrepresentations and negligence.
Included among the so-called shelters that have been deemed illegal by the IRS are Son of Boss (Foreign Currency Option Tax Shelter), COBRA (Currency Options Bring Reward Alternatives), PICO (Personal Income Company), FLIP (Foreign Leveraged Investment Program), OPIS (Offshore Portfolio Investment Strategy), TRACT, SC2, CARDS, and COINS. The parties involved include accounting firms Presidio, Quadra and Quellos.
If you were victimized by one of these tax shelters schemes, we would be pleased to help you evaluate your claims and devise a strategy designed to maximize your recovery.