The age of technology, like everything else in life, is a double-edged sword and the Big Four, the early adapters of the technology innovations now widely being used, are quickly learning that. For example, go to Yahoo and search for "KPMG." Near the top of the page, there is a sponsor search result that reads "KPMG Tax Shelter Worries?" It is a hyperlink to an invitation from a law firm to investors in tax shelters offered by KMPG and Ernst & Young.

The invitation, at www.jameshoyer.com/problem_tax_shelters.html?se=Overture, begins with "If you're a wealthy individual or business owner using a tax shelter provided by KPMG or Ernst & Young, possibly working through an introduction from First Union/Wachovia, you're understandably nervous. The April 22, 2003 Wall Street Journal describes the U.S. Senate investigation into KPMG's and Ernst's questionable tax shelters, coming on the heels of the Internal Revenue Service's crackdown. You trusted these well-known accounting firms, and paid good money for their advice. Now you're wondering if you're bought trouble for yourself. Click here to contact us with your concerns."

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