The Internal Revenue Service said Wednesday it has reached a settlement with BDO USA LLP under which the accounting firm will pay a civil penalty of $34.4 million for violating tax laws concerning tax shelters.

The firm, formerly known as BDO Seidman LLP, did not register various tax shelters as required by law. The IRS said some of the tax shelters were abusive and fraudulent, and the firm did not register them in an effort to conceal the tax shelters from the IRS and help high-income taxpayers evade federal income taxes.

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