EXCLUSIVE

Joe Francis claims his former accountant almost ruined him financially by fraudulently getting him involved in some bogus tax shelters and promising the IRS would be A-OK with it .... and it cost him more than $12 million and possibly a lot more.

According to the lawsuit, obtained by TMZ, the accounting firm, BDO Seidman, admitted to criminal conduct over the tax shelters and agreed to pay fines of $50,000,000.

Joe is seeking more than $20 million in damages, which might make a dent in the $40 million he owes Steve Wynn after losing a defamation lawsuit.