KPMG agrees to settle lawsuit by IRS

Accounting firm KPMG agrees to pay $400 million in fines and create a compliance and ethics board. KPMG was accused by the IRS of defrauding the government by advising their wealthier clients to create illegal tax shelters to avoid paying billions in taxes to the IRS. The IRS stated that this was a big win for the government and especially taxpayers. The IRS has recently focused specifically on tax law firms who say bilk the government by advising wealthy clients to create illegal tax shelters.