Consider this sequence of events over the last two years:
1) IRS Hits Estate of Former Detroit Pistons Owner With $2 Billion Tax Bill (Aug. 15, 2013);
2) Estate of Former Detroit Pistons Owner Settles $2.8 Billion Gift, Estate & GST Deficiency Claim For 11 Cents On The Dollar (July 8, 2015);
3) Estate of Former Detroit Pistons Owner Sues Deloitte For $500 Million For Botching Tax Plan (Sept. 25, 2015).
Each of those headlines is frightening to me in its own way, and should get the attention of any tax professional.
#2 doesn’t sound that frightening to you, you say? Well, look at it this way: a settlement for eleven cents on the dollar meant that the amount actually paid to the IRS was $320 million.
The headlines are taken from posts on the TaxProf Blog, which in turn link to news accounts on the events.
The contents of this blog, this web site, and any writings by me that are linked here, are all my personal commentary. None of it is intended to be legal advice for your situation.