February 11, 2005
Senate Report on Abusive Tax Shelters
The Senate Permanent Subcommittee on Investigations issued a lengthy report on abusive tax shelters, which have been the focus of both Congressional and IRS investigations the past few years. A Subcommittee press release states that its report ("The Role of Professional Firms in the U.S. Tax Shelter Industry") highlights problems in the creation and sale of tax shelters by accountants, lawyers, and investment banks:
The bipartisan Subcommittee report released today provides new details about the abusive tax shelters promoted by KPMG, Ernst & Young, or PricewaterhouseCoopers, as well as the commitments each accounting firm has since made to end their abusive tax shelter business. It also provides new information on how other professional firms helped promote these tax shelters, including Sidley Austin Brown & Wood, Deutsche Bank, HVB, Wachovia Bank, Presidio and Quellos. The report also provides new information about how two charitable organizations, the Los Angeles Department of Fire & Police Pensions System and Austin Fire Fighters Relief and Retirement Fund, became involved with an abusive tax shelter.
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