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February 23, 2004

KPMG subject of federal of tax probe

NEW YORK (AP) -- KPMG LLP said last week that the U.S. Department of Justice has begun investigating some of the accounting firm's former tax strategies.

The company said it was told that federal prosecutors in Manhattan had begun an investigation.

"It is our understanding that the investigation is related to tax strategies that are no longer offered by the firm," KPMG said.

Last month, KPMG announced a shake-up in the leadership of its tax division, which has been the target of IRS and congressional inquiries into the promotion of potentially abusive tax shelters.




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