[sbinews] KPMG on charges of tax-shelter?
- From: sbistcbangalore@xxxxxxxx
- To: sbinews@xxxxxxxxxxxxx
- Date: Sat, 13 Dec 2003 06:57:17 +0500
KPMG faces tax shelter charges
REUTERS[ FRIDAY, DECEMBER 12, 2003 10:06:37 PM ]
NEW YORK : US regulators have accused accounting firm KPMG LLP of stalling an
Internal Revenue Service probe by hiding the full extent of its role in
creating dubious tax shelters for clients.
KPMG’s actions “demonstrate a concerted pattern of obstruction and
non-compliance, threatening the integrity of the IRS examination process,” the
US Justice Department alleged in a filing in US District Court in Washington on
Monday. The filing was tied to a lawsuit by the Justice Department against
KPMG.
KPMG said Thursday it has complied with all of the laws at the time related to
tax shelters. KPMG has increasingly come under fire for what regulators view as
questionable tax advice provided to wealthy clients. In recent months federal
regulators and Congress have launched investigations, while disgruntled former
clients have sued.
The government accuses KPMG of delaying the IRS probe by handing over documents
in an untimely fashion and hiding its tax shelter activities by refusing to
register potentially abusive tax shelters with the IRS. It also alleged that
KPMG hid its role in promoting a specific tax shelter that was listed by the
IRS as potentially illegal until after KPMG learned that the IRS knew about it.
The Justice Department also said the firm’s argument that it did not push tax
shelters was an “illusion.”
“KPMG has long known that the IRS had issued summonses seeking information
about transactions that (the IRS) has ‘listed’ as potentially abusive tax
shelters,” the filing said. “Nevertheless, KPMG continues to assert — contrary
to literally volumes of evidence in its own files — that it has never
developed, sold or promoted a tax shelter.”
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