Tuesday, October 04, 2005

Aggressive tax planning

"Accountants KPMG and a law firm have agreed to pay $US195 million ($256 million) to as many as 280 wealthy investors who bought questionable tax shelters known as Blips, Flip, Opis, and SOS, in the first step to dealing with huge potential civil claims. They are to pay the lead plaintiffs' lawyers $US30 million in fees. The settlement will go to a judge next week for approval. Meanwhile, the Public Company Accounting Oversight Board cited numerous faults in 18 KPMG audits."
http://www.smh.com.au/news/business/kpmg-lawyers-settle/2005/09/30/1127804659743.html

Does that mean if they had got away with it, ONLY the Fed (and other taxpayers) would have been damaged in that amount?

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