Chicago tax lawyer Robert E. McKenzie worries those with still secret offshore accounts may be less likely to disclose because they figure that if they’re found out and prosecuted, they’ll avoid jail as Warner has. But McKenzie tells prospective clients the same thing he wrote recently on Forbes: “Many other less lucky offshore depositors have been sentenced to prison by other judges. One distinguishing factor for Warner was he was a billionaire whereas those sent to prison were merely millionaires.”
The taxpayer win in Home Concrete & Supply will have a huge trickle down effect too, not just impacting these cases. Robert McKenzie, tax lawyer with Chicago’s Arnstein & Lehr LLP said four clients of his firm with similar issues would likely reap tax savings approaching $40 million. Indeed, some reports say the case calls into question up to $1 billion in tax revenues.
This article was originally published in Forbes.