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IRS Cracks Down on Tax Shelters

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.

Copyright 2004 NPR

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