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IRS news/announcements

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Eight former KPMG execs have been charged with conspiracy to sell fraudulent tax shelters.  They are former KPMG Deputy Chairman Jeffrey Stein, former officials John Lanning, Richard Smith, Jeffrey Eischeid, Philip Weisner, John Larson, Robert Pfaff and Mark Watson; a ninth person was also charged in the scheme, outside tax attorney Raymond Ruble. It is being described as “the largest tax evasion scheme in U.S. history.”
The company will pay at least $456 million in fines to the feds as a penalty (KPMG made at least $115 million on the schemes, according to prosecutors).