A 144-page Senate Permanent Subcommittee on Investigations report issued this past Thursday provided more embarrassing public disclosures of how the Big Four accounting firm KPMG mass-marketed dubious tax shelters from the late 1990’s through late 2003. Here are previous posts over the past year on KPMG’s tax shelter problems. Here is the Senate subcommittee’s report.
The report is the second on questionable tax shelters that the Senate subcommittee has released that concludes that KPMG has been deeply involved in designing and selling abusive tax shelters since the mid-1990’s. Although the new report focuses to KPMG, it also deals with the the tax shelter activities of Ernst & Young and PricewaterhouseCoopers, several banks, including Deutsche Bank, and the law firm of Sidley Austin Brown & Wood.