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Two brothers who were partners in an accounting firm in Atlanta, Ga., have pled guilty in a scheme that enabled clients to claim more than $1.2 billion in fraudulent tax deductions. Stein Agee and Corey Agee pled guilty to one charge of conspiracy to defraud the United States.
The two face a maximum of five years in prison, along with possible fines and restitution. Each of the Agees received more than $1.7 million commissions from at least 2013 through 2019, when they, along with co-conspirators, promoted and sold investments in fraudulent syndicated conservation easement tax shelters., The shelter were deigned to produce deductions for high-income taxpayers through partnerships that purported to make real estate investments.
The brothers told investors that for every dollar invested in the partnership, they would receive more than four dollars in charitable deductions.
The Agees were also accused of advising investors to backdate payments and document to make it appear the purported investments were prepared before the end of a tax yar. They also prepared tax returns for clients who agreed to invest in the easement tax shelters.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind