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The Internal Revenue Service's Criminal Investigations division for the second straight year began fewer investigations and sought a smaller number of prosecutions for money laundering, terrorist financing and other financial crimes, the agency said Thursday.
U.S. officials will soon order banks, credit card companies and firms linked to tax compliance to turn over data on whether their clients are illegally hiding assets offshore, IRS agents said Monday.
The importance of the IRS hasn't prevented Congress from cutting its budget by 20 percent over the past five years. Operating with 13,000 fewer employees, the IRS is finding it increasingly difficult to accomplish what it is tasked to do.
The Internal Revenue Service must improve communication with financial institutions to detect and prevent criminals from using stolen social security and tax identification numbers to claim a tax refund, according to U.S. officials.
The Obama administration's plan to increase annual appropriations for IRS enforcement efforts by more than $1 billion met criticism Tuesday from Republican members of the U.S. Senate Finance Committee.
The Internal Revenue Service's Criminal Investigations division is shifting resources to better investigate the "alarming" growth of stolen tax refunds, according to a senior IRS official.
The overall number of regulatory enforcement actions against banks jumped 52 percent in the first half of 2010 in comparison to the number issued in the first half of 2009.
The Internal Revenue Service's anti-money laundering division is in the process of revamping how it examines tens of thousands of money services businesses, according to a former U.S. Treasury Department official.
