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Accountants Sued Over Flawed Tax Shelters
Clients of large accounting firms such as KPMG, LLP and ERNST & YOUNG LLP are suing. The clients claim that their trusted accountants knew or should have known that the tax shelters promoted were illegitimate tax shams, and that they failed to disclose the substantial risks involved.
The IRS last year said that more than 1,200 taxpayers had used "questionable transactions" to claim $30 billion in losses and deductions.
The accounting firms have denied liability.
Source: Wall Street Journal, January 16, 2003
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