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Surrounded by KPMG | 9 comments (9 topical, editorial, 3 hidden)

KPMG coming clean (4.60 / 5) (#5)
by fudisbad on Sat Feb 26th, 2005 at 03:34:25 EST
(User Info)

KPMG also offer tax shelters (Google search "kpmg tax shelters"). A tax shelter is a front company that "earns" a portion of your earnings. This involves lying to the SEC about where your money is earnt. Tax shelters are in places where there is little or no company tax (such as Bermuda, the Cayman Islands, the British Virgin Islands and the island of Labuan, Malaysia). By a loophole in US law, companies don't have to pay tax for income earned from these places.

The thing is KPMG are trying to distance themselves from these tax shelters by setting up a front company (can't remember what it is called). They are still in hot water about setting up tax shelters (see this article). The disgraced accountants resigned.

The point being that KPMG are trying to come clean about many other things. If they are implicated in the SCOXE scam, combined with the tax shelter episode, their reputation would take a huge hit and be labelled a dirty accounting firm who cooked the books for you. (They were once like that, but did not have a reputation for being so).

By the way, does SCOXE have a tax shelter? Or it it too unprofitable to have one?

Darl McBride, show your evidence!
Back a stock scam, buy SCOXE!

Surrounded by KPMG | 9 comments (9 topical, 0 editorial, 3 hidden)

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