PracticeAccounting FirmsFormer KPMG partner in new tax shelter plot

Former KPMG partner in new tax shelter plot

A former KPMG partner has been charged with conspiracy by concealing fees for setting up tax shelters

Federal prosecutors in New York have charged a former partner at accounting
firm KPMG with conspiracy,
the former partner is accused of obstructing authorities by concealing fees he
and others received for setting up tax shelters.

Robert Pfaff, of Englewood, Colorado, who already faces a trial on unrelated
charges stemming from other tax shelters, faces court on new charges to defraud
the US and to commit tax evasion and wire fraud, and trying to obstruct and
impede the Internal Revenue Service,
Reuters
reports.

A two-count indictment filed in New York, reveals Pfaff and his
co-conspirators at a Saipan company in the western Pacific hid millions of
dollars in fees from tax shelter transactions by channeling the money into
Philippine bank accounts and distributing them between themselves.

Pfaff failed to report approximately $US3.75m (?1.85m) in income which he
received between 1993 and 2000 on his tax returns, according to the indictment.

Further reading:

Ex-KPMG adviser pleads guilty in tax shelter case

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