PracticeAccounting FirmsKPMG offers deal to tax shelter clients

KPMG offers deal to tax shelter clients

Majority of investors may accept deal

The majority of investors enticed into KPMG’s tax shelter schemes look set to
accept a new compensation offer.

According to the New York Times, KPMG will pay about $150m (£83m) to
209 eligible investors if the deal is approved next month.

The revised settlement will give each investor an average of more than
$700,000 (£388,000).

A deal offering $195m (£108m) in September collapsed after 64 of the 264
investors chose not to take part, saying the agreement did not offer them enough
compensation.

The new deal is likely to see 76% of investors taking part, according to
papers filed in the US District Court in Newark, New Jersey this week.

Last August, KPMG paid $456m (£253m) in a deferred- prosecution agreement
with US prosecutors over certain tax shelter schemes.

Related Articles

PwC’s five strategic priorities for becoming ‘the leading professional services firm’

Accounting Firms PwC’s five strategic priorities for becoming ‘the leading professional services firm’

14h Emma Smith, Managing Editor
Mazars appoints new partner to accounting and outsourcing team

Accounting Firms Mazars appoints new partner to accounting and outsourcing team

14h Emma Smith, Managing Editor
FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

Accounting Firms FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

3d Emma Smith, Managing Editor
KPMG’s apprenticeship intake jumps to 181 in 2017

Accounting Firms KPMG’s apprenticeship intake jumps to 181 in 2017

1w Emma Smith, Managing Editor
284 new trainees join BDO

Accounting Firms 284 new trainees join BDO

2w Alia Shoaib, Reporter
PwC publishes 12.8% BAME pay gap

Accounting Firms PwC publishes 12.8% BAME pay gap

4d Emma Smith, Managing Editor
RSM recruits 288 trainees

Accounting Firms RSM recruits 288 trainees

7d Emma Smith, Managing Editor
Deloitte global revenues hit record $38.8bn

Accounting Firms Deloitte global revenues hit record $38.8bn

1w Emma Smith, Managing Editor