Guy Ficco, the new head of the Service’s Criminal Investigation Division (CID) was recently interviewed. His responses show a renewed effort to expand the vision and hiring efforts of the division.
For those of you who don’t know, IRS Employees generally fall into three different categories. Revenue Officers and Revenue Agents complete audits and collect money.
CID Agents are the third type of IRS Employee who pursue criminals and handle more sophisticated investigations. Given the fact that they pursue criminals, they’re licensed to carry firearms and are by far the sharpest agents in the Service.
These people are very good at what they do. If you ever actually meet one, you’re about to have a bad day.
In the interview, Division Chief Ficco outlined the following priorities…
Vision and Strategy
They’re targeting high-income individuals with a focus on complex financial crimes, cryptocurrency fraud, international tax evasion, and corporate malfeasance
Hiring Plans and Employee Development
The division is adding hundreds of new Special Agents with the specialized training necessary to handle emerging financial crimes.
Technological Advancements
CID will be leveraging advanced data analytics and forensic technology to uncover sophisticated financial crimes. They’re also strengthening collaborations with other federal agencies and international taxation agencies to enhance thier abilities.
Overall Impact
The implications to these changes mean increased scrutiny for higher net-worth individuals and complex financial arrangements. They’re also looking at off-shore holdings and cross-border transactions more closely.
Cryptocurrency transactions will be a main focus. This is an area where a lot of work needs to be done. If you’ve ever seen the documentation that we get from some of the investment houses, you’ll know why this is of particular interest.
This means that your accounting and tax work needs to be done correctly. No one needs a CID Agent knocking on their door. Trust me.
It’s interesting to see this Chief giving interviews. CID always did everything in such a secretive manner that they were the thing of myth and legend.
We knew that they existed, but if everything went well we’d never actually hear from them. I guess that this is just one of the things that’s changing.
Let me leave you with this.
Beginning today, Illinois gas taxes increase $0.02 cents per gallon to $0.47 cents. Ours is the second highest gas tax in the nation behind only California.
This means that the average Illinois driver will pay $184 more annually than when Governor Pritzker first began raising gasoline taxes in 2019. Back then, the tax was only $0.19 cents per gallon.
By definition, taxes like this disproportionately affect lower and middle-class Americans. This requires more of a typical family budget to be devoted to basic living expenses like transportation.
Overall, Illinois has the seventh most expensive gas prices in the nation. EV Owners are also required to pay an additional $100 fee annually to make up for the difference in taxes.
Illinois acts like the taxes they pay on their electric bills are somehow complimentary. I guess that what they say about death and taxes is an eternal truth.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
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