Washington (Nov. 21, 2003) -- The Internal Revenue Service’s increasingly aggressive crackdown on abusive tax shelters appears to be the key reason that major accounting firms have backed away from these tax avoidance schemes, IRS Commissioner Mark Everson told congressional investigators.

Testifying at the second day of Senate Government Affairs Subcommittee hearings into the role of accountants and other professionals in the “tax shelter industry,” Everson noted that witnesses from KPMG, Ernst & Young and PricewaterhouseCoopers who testified at the first hearing earlier this week indicated that “the biggest accounting firms no longer engage in mass marketing” of abusive tax shelters.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access