Federal prosecutors have decided not to bring criminal charges against Chicago law firm Sidley Austin over its involvement with illegal tax shelters, though the law firm will pay a civil penalty of $39.4 million to the IRS. The decision to not prosecute comes almost two months after a non-prosecution agreement was reached with Dallas law firm Jenkens & Gilchrist, which similarly had a tax practice promoting shelters and issuing opinion letters. Jenkens & Gilchrist ceased operations almost immediately.
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