Supreme Court Upholds IRS Enforcement of 40% Penalty on Taxpayers Who Used COBRA Tax Shelters

Wednesday, December 4th, 2013

In the 1990’s “COBRA” tax shelters were used to generate taxable losses on paper to offset regular taxable income. The Supreme Court ruled yesterday that the taxpayers who used these tax shelters are subject to a 40% penalty on unpaid income taxes. Read more at Forbes.