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February 20, 2004
KPMG focus of tax shelter probe
The NY Times reports federal grand jury in Manhattan is investigating the sale of tax shelters by Big Four accounting firm KPMG to corporations and wealthy individuals who used them to escape at least $1.4 billion in federal taxes. This announcement comes on the heels of KPMG's recent shake up of its tax practice and removal of three senior executives in the wake of widening Congressional, IRS, and civil lawsuit scrutiny over failed tax shelters that the firm promoted. KPMG was among the most aggressive sellers of tax shelters, collecting $124 million in fees for tax shelters from 1997-2001, acccording to a recent Senate Permanent Investigations subcommittee report.
Posted by Tom at February 20, 2004 07:46 AM
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