David Rivkin, a former KPMG tax partner, has pled guilty to conspiracy and
tax-evasion in relation to his work on phoney tax shelters for nine clients.
Rivkin entered his plea in a New York court and faces up to five years in
jail, the Wall Street Journal reported.
He admitted to setting up the tax shelters by creating $235m (£134m) in
phoney tax losses and thus helping his clients avoid paying taxes to the Inland
Revenue Service from 1999 to 2000.
The deal increases pressure on the other 18 defendants scheduled to go to
trial in the case.
Last year KPMG reached a settlement with government prosecutors paying $456m
(£261m) in a deal that allowed the firm to avoided a criminal indictment.
Taxman lines up early exit from doomed Concentrix tax credits deal, as HMRC faces intense scrutiny from MPs
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said