A series of setbacks have effectively left US Federal prosecutors with no
choice but to drop their last chance to revive criminal tax-shelter proceedings,
once labelled as the biggest in history, against 13 of the 19 original
Most of those charged were from
KPMG, including a former
vice chairman of the firm, who were indicted in 2006 on charges of conspiracy,
tax evasion and fraud in relation to the most aggressive tax shelters sold to
wealthy Americans over the late 1990s through early 2000, according to reports
in The New York Times. They will walk away from the case unpunished.
Two defendants have already pleaded guilty and the four remaining are now
standing trial in Federal District Court in Manhattan in a case which has been
reduced to a shadow of its former self.
In 2006, Judge Lewis Kaplan of Federal District Court in Manhattan threw out
charges against the 13 defendants, on the grounds that prosecutors had violated
their constitutional rights by pressuring KPMG to stop paying their legal fees.
The dismissal was upheld in August by an appeals court.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year