According to reports in the US media last week, a government probe into tax shelters sold by KPMG is concentrating on the role played by former executives in the sales.
The accounting firm announced in June that it "deeply regrets" the sale between 1996 and 2002 of unlawful tax sheltering arrangements such as Bond Linked Premium Structures (BLIPs) and Foreign Leveraged Investment Programmes (FLIPs). It has been estimated that the sale of such schemes to customers brought the firm around $150 million, whilst depriving the US government of some $1.4 billion in lost revenue.
The Washington Post revealed last week that those currently being investigated include the accounting firm's former deputy chairman, and the former heads of its tax services and national tax practice units.
It is not yet known whether the DoJ intends to push ahead with a criminal prosecution; observers have suggested that political pressure may mean that the Department opts for a deferred prosecution agreement, in order to avoid further reducing the 'Big Four' accounting firms in the United States to the 'Big Three'.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment