Accounting firm, KPMG announced on Thursday that it is the subject of a tax shelter investigation being conducted by the US Attorney's office in the southern district of New York.
The probe follows months of investigation by the Internal Revenue Service, and aims to decide whether certain tax sheltering arrangement created by KPMG for its clients were illegal.
Announcing the commencement of the probe last week, KPMG explained that:
"It is our understanding that the investigation is related to tax strategies that are no longer offered by the firm. We have assured the US attorney's office that we intend to cooperate fully in this matter."
In addition to offering its full cooperation in the investigation, and pledging that it will no longer offer tax shelter schemes, the accounting firm has reshuffled its tax division.
Several other major accounting groups have already reached settlements with the US authorities over similar investigations.
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