Columbia accountant disciplined by Justice Department

COLUMBIA, Mo. (KMIZ)

A Columbia accountant and his company have been disciplined by the U.S. Justice Department, including a $400,000 fine, for allegedly helping his clients illegally avoid paying taxes on proceeds from real estate sales.

A federal court on Friday barred Aric E. Schreiner and Columbia CPA Group LLC for selling and marketing charitable remainder annuity trusts -- accounts that allow tax-free charitable contributions and payments, according to a news release. The feds allege Schreiner illegally used these trusts to help his clients shield money from property sales that should have been taxed.

Schreiner is one of five defendants the court went after to stop similar schemes.

He was also ordered to pay the government $400,000 for the money he made from the scheme, the release says. Schreiner and his company agreed to the government's order, the release says.

The company said the court's injunction was the result of a settlement agreed to by Columbia CPA Group and the IRS.

"This jointly agreed settlement, in which Columbia and Schreiner admit no wrongdoing, is the result of a civil lawsuit filed by the Department of Justice and the IRS concerning the preparation of certain types of tax filings.  This affects only a small portion of the firm’s clients, and who have been notified previously," the company wrote in a statement.

Any clients who were not already notified of the litigation are not affected, the statement says.