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The IRS Called Foul on a $43M Tax Shelter Scheme
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Subscribe17 AUG 2026 / ACCOUNTING & TAXES
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Larry C. Conner, 69, has pleaded guilty to conspiring to defraud the IRS through an abusive trust shelter that resulted in approximately $43m in federal tax losses. Investigators claim that Conner and associates used a complex trust structure to shelter around $156m in income, prompting warnings from the IRS against such practices.
A tax strategy can arrive wearing an expensive suit. It can have flowcharts, trusts with impressive names, charitable language, a seminar room full of business owners, and a five figure price tag. None of that changes what the IRS eventually asks: Who ear...
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