Professional Liability (Accounting And Legal Malpractice)

Plaintiff, an international apparel manufacturing company, retained a national accounting firm and law firm to formulate a tax plan for the benefit its United States, Asian and European companies. The goal was to prepare a tax plan that would assist their global tax liabilities for the various entities to reduce and avoid duplicate tax liability. After the Internal Revenue Service sought additional tax revenue, penalties and interest in excess of $500,000, Plaintiff and it’s subsidiary companies sued their attorneys and accountants contending that their poor draftsmanship of the agreements by eliminating certain language and failure to complete and execute the tax forms which caused the Internal Revenue Service to find the additional tax liability to Plaintiff.

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