A legislative proposal that would empower the IRS to assign Employee Identification Numbers to all American corporations is drawing congressional support, U.S. officials said Tuesday.
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.
Several Treasury Department agencies tasked with fighting money laundering and other financial crimes would see modest budget increases in a White House plan disclosed Monday.
U.S. investigators are increasingly querying the nation's database of bank secrecy information for suspicious activity reports that include mentions of unusual Internet Protocol addresses, a federal official recently told bankers.
The Internal Revenue Service disclosed final rules set for publication next week that will clarify how and when informants can collect rewards for identifying tax cheats, but not money launderers.
An IRS initiative granting state and municipal investigators access to a federal database of bank regulatory filings has helped law enforcement agencies reap hundreds of millions of dollars in forfeitures.
The IRS has identified multiple U.S. banks that it could issue subpoenas to as part of an effort to determine whether international institutions have aided American tax evaders, a former agency official said Monday.
The criminal division of the U.S. Internal Revenue Service will send representatives to two nations in an effort to better coordinate financial crime investigations, a senior agency official said Monday.
A U.S. Treasury Department proposal to sharply increase bank reporting of cross-border transactions would diminish the number of structuring cases prosecuted by the United States.
Many compliance officers say there is a shift in the way financial institutions investigate and report cases of suspected structuring and that they are quick to file a SAR, even when a simple conversation could have sorted things out.
Microstructuring, a method of money laundering that is challenging for financial institutions to detect, is likely to be looked at more closely by regulators and law enforcement, even as institutions protest that is difficult to detect, according to compliance officers and consultants.