New York — A Senate subcommittee has revealed internal e-mail messages showing that KPMG reportedly discussed selling a new tax shelter similar to one that was banned more than two years earlier by the Internal Revenue Service, according to published reports.

The e-mails, released by a Senate subcommittee investigating abusive tax shelters in late August, don’t show whether KPMG ever sold the new version of the shelter, Offshore Portfolio Investment Strategy, or OPIS, but the messages do show how the firm’s efforts to create and sell dozens of shelters appear “much more rigorous and extensive” than detailed in documents made public last fall by the subcommittee.

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