Reports say KPMG LLP is close to putting behind it a federal investigation into its sale of possibly illegal tax shelters.

Settlement talks that would allow KPMG to avoid indictment charges that could lead to its demise have been going on behind closed doors for most of the summer. A fine between $300 million and $500 million and an agreement to open its business up to independent monitors are likely conditions of any deal. The accounting firm would be placed on probation, and charges could eventually be completely dropped by the U.S. Attorney for the Southern District of New York.

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