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IRS Warns Consumers Of New Phone Scam Just As Private Collectors Get To Work

Earlier this year we wrote that the Internal Revenue Service is moving forward with its controversial “Private Debt Collection” program amid a sharp uptick in instances of fraud by scammers posing as legitimate IRS debt...more

FATCA Update: IRS Releases Updated FATCA Online Registration User Guide

The Internal Revenue Service has released an updated version of its “FATCA Online Registration User Guide.” The updates primarily address the newly-released FFI agreement renewal function, which is now available on the IRS...more

6/12/2017  /  FATCA , FFI , Financial Institutions , IRS

Taxpayer Advocate Takes Aim At IRS Passport Revocation Program

On June 8, 2017, the Taxpayer Advocate published a blog post entitled “The IRS’s New Passport Program: Why Notice to Taxpayers Matters (Part 1 of 2)” which criticizes the Internal Revenue Service’s planned initiative to...more

FATCA Update: FFI Agreement Renewal Function Now Available

The Internal Revenue Service announced today that its FATCA FFI Registration system has been updated to allow foreign financial institutions to renew their FFI agreement with the IRS. Those financial institutions that are...more

6/7/2017  /  FATCA , FFI , Foreign Banks , IRS

In Securities Fraud Case, Prosecutors Allege Novel Money Laundering Scheme To Circumvent FATCA Reporting Obligations

The U.S. Attorney’s Office for the Eastern District of New York has charged four individuals with securities fraud conspiracy for their involvement in fraudulently manipulating the stock of a U.S. company using a traditional...more

Federal Crackdown On EB-5 Visa Fraud Continues With Filing Of Multiple Asset Forfeiture Lawsuits In California

In its continuing effort to fight fraud in the controversial EB-5 immigrant visa program, the Justice Department announced last week that it had filed federal lawsuits seeking the forfeiture of nine real properties across...more

5/31/2017  /  EB-5 , Fraud , Green Cards , Investors , Visas

Members Of Congress Question IRS’s Digital Currency Strategy Including “John Doe” Summons To Coinbase

Three influential members of Congress have questioned the Internal Revenue Service’s strategy for addressing the tax treatment of digital or virtual currencies, such as Bitcoin, and its efforts to uncover the identities of...more

FinCEN Reveals That Geographic Targeting Orders Are Generating Meaningful Intelligence Leading To Money Laundering Prosecutions

In a press release touting recent law enforcement success stories based upon Bank Secrecy Act reporting by financial institutions, the Treasury Department’s Financial Crimes Enforcement Network revealed publicly for the first...more

FATCA Update: IRS Reminds FFIs To Renew Their FFI Agreements By July 31, 2017

Following its publication on December 30, 2016, of an updated FFI agreement, the Internal Revenue Service has published a reminder to financial institutions about renewing their FFI agreement. All financial institutions that...more

New Details Emerge About IRS Private Debt Collection Program, as Fraudsters Continue to Impersonate IRS Collectors

The Internal Revenue Service has released additional guidance about its new and controversial “Private Debt Collection” program — which requires the use of private debt collectors to collect certain delinquent tax debts —...more

With Tax Day Nearly Behind Us, Justice Department Pivots to Warnings About Employment Tax Violations

Following a relentless flurry of press releases announcing criminal charges against tax evaders in the run up to today’s tax filing deadline, the Justice Department wasted no time in turning its attention to its next target:...more

On the Eve of Tax Day, Justice Department Warns That Tax Evaders Will Face Prison Time

With only four days remaining until “Tax Day,” the Justice Department’s well-publicized campaign to deter potential tax evaders continues with more stern warnings to taxpayers. In a bleak press release entitled “With the...more

4/17/2017  /  DOJ , Income Taxes , IRS , Offshore Funds , Tax Evasion

IRS Announces That Private Tax Collectors Are Beginning Collection Work Now

The Internal Revenue Service announced earlier this week that its private debt collection program is starting now. Beginning this week, the IRS will start sending letters to taxpayers whose overdue federal tax debts are...more

4/10/2017  /  Debt Collection , FDCPA , IRS , Tax Debt

As Tax Day Approaches, Justice Department and IRS Turn Up Heat on Potential Tax Cheats

With less than two weeks until the April 18 deadline for filing individual federal income tax returns, the Justice Department and Internal Revenue Service are issuing stern warnings to potential tax cheats. Today the U.S....more

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