Posts tagged "international tax fraud"

IRS Begins Reciprocal Information Sharing with Foreign Governments - the Risks of Hiding Money Offshore is Increasing

The IRS met its deadline to begin the reciprocal automatic exchange of tax information with some foreign jurisdiction tax administrators as agreed under the intergovernmental agreements (IGAs) as part of the Foreign Account Tax Compliance Act (FATCA). As of September 30, 2015, the IRS can now reciprocate and provide information to the other jurisdictions who have shared information regarding financial accounts held by U.S. taxpayers with the IRS. The information now available provides the United States and partner jurisdictions an improved means of verifying the tax compliance of taxpayers using offshore banking and investment facilities, and improves detection of those who may attempt to evade reporting the existence of offshore accounts and the income attributable to those accounts.

IRS Boosts Conviction Rate

On April 7, 2015, the IRS announced the release of its "IRS Criminal Investigation Annual Report,"documenting the significant accomplishments and enforcement actions taken during fiscal year 2014. For that year, the IRS Criminal Investigation ("CI") focused on international tax fraud, return preparer and questionable refund fraud, identity theft, public corruptions, bank secrecy act violations, money laundering, and terrorist financing. CI initiated 4,297 cases in the 2014 fiscal year.

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