The New York Times reports today that negotiations between US federal prosecutors and KPMG, the Big 4 accounting firm facing possible criminal charges for its role in marketing questionable tax shelters, appear to have ruled out an indictment of the firm, people briefed on the discussions have said.
Although KPMG may avoid a criminal indictment, it is expected to face fines that could be as much as $500 million.
KPMG has been under investigation for about 18 months over its creation and sales of the shelters, which investigators say cost the government at least $1.4 billion in unpaid taxes.
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