PracticeAccounting FirmsKPMG tax shelter case postponed ‘indefinitely’

KPMG tax shelter case postponed ‘indefinitely’

Trial of 16 former KPMG executives postponed by judge

The billion dollar criminal trial of 16 former KPMG executives accused of
selling illegal tax shelters has been postponed indefinitely by the federal
judge hearing the case.

It is a major setback for the US Department
of Justice
as it is one of the most high-profile white-collar crime cases it
has brought to trial, with the partners accused of helping clients avoid paying
billions of dollars in income tax.

The postponement follows prosecutors for the US attorney’s office being
heavily criticised by
Judge Lewis
Kaplan
for their role in pressing KPMG to cut off legal fees to its former
employees.

In a ruling given this week, Kaplan said: ‘Given all of the current
uncertainties, it is impossible now to predict with confidence when the charges
in the indictment may be tried.’

Further reading:

KPMG and ex-partners square off in US

Date set for KPMG fees hearing

Improper pressure heaped on ex-KPMG partners

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