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CPA Agrees to Repay $2.5 Million

Dollars hundredsA New Jersey CPA has agreed to pay $2.5 million in restitution to the United States. The agreement by James H. Benkoil of Avon-by-the-Sea follows his guilty plea to defrauding the U.S. by his promotion of fraudulent tax shelters to high-income clients.

Between 2009 and 2020, Benkoil and others, who were not identified in a press release from the Internal Revenue Service, promoted syndicated conservation easement tax shelters. They obtained inflated land appraisals to achieve the desired amount of tax deductions.

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