WASHINGTON, Aug. 23 (UPI) -- U.S. prosecutors and big accounting firm KPMG LLP are reportedly near a settlement of a case involving apparently dubious tax shelters.
The nation's fourth-largest accounting firm, which is accused of selling "abusive" tax shelters, will agree to pay between $300 million and $500 million and to open its operations to independent review as a condition for avoiding prosecution, the Washington Post said Tuesday, citing anonymous sources.
Known as a deferred prosecution, the details are expected to be presented to a federal judge in New York later this week.
Several former KPMG partners could face criminal indictments within days over their work on the tax shelters, which brought the firm $124 million in fees between 1997 and 2001.
