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#ICYMI Top CI Stories from the Past Week

ICYMI: Top IRS Criminal Investigation (CI) Stories From The Past Week Oct. 16, 2023 Useful Links About CI What do we investigate? How investigations are initiated J5 international partnership IRS.gov/CI Tax Schemes and Fraud Tax Fraud Alerts Report Suspected Tax Fraud Voluntary Disclosure CI Newsroom CI News Releases CI Resources CI Annual Reports Week of Oct. 9 - 15 #ICYMI Top CI Stories from the Past Week 1. Federal grand jury indicts Buffalo man for fraudulently receiving COVID-19 funds The funds were allegedly used for personal expenditures at hotels and restaurants, and for cash withdrawals, among other non-Covid related expenses. 2. J5 cyber experts talk smart contracts and NFTs with Citibank investigators The discussion centered on combating crime arising from emerging financial technology 3. We honor the contributions of our employees of Hispanic heritage and prioritize diversity in recruiting efforts We're spreading the word to communities throughout America: We're hiring! 4. We #FollowTheMoney You may know us for combating tax crimes, but following the money trail uncovers a wide range of illicit activity critical to our partner investigations. 5. Former chairman of 1 Global pleads guilty to running $250 million securities fraud scheme Our Miami Field Office is investigating this major case with partner law enforcement agencies. CI is the criminal investigative arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money-laundering, public corruption, healthcare fraud, identity theft and more. CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a more than a 90 percent federal conviction rate. The agency has 20 field offices located across the U.S. and 12 attaché posts abroad.

A Weekly Roundup of Top Stories from IRS Criminal Investigation In case you missed it, we’re bringing you a recap of the most important stories from the IRS Criminal Investigation (CI) division for the week of October 9th to 15th, 2023. Buffalo Man Indicted for COVID-19 Funds Fraud In our first story, a federal grand […]

FINAL REMINDER ALERT: QI (including QDD), WP, WT Application Deadline for 2023

FINAL REMINDER ALERT: QI (including QDD), WP, WT Application Deadline for 2023 This Alert provides the deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) applications for the 2023 year. All applicants that want to have an agreement in effect for 2023 must submit their applications through the "Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application & Account Management System (QAAMS)" no later than October 27, 2023 to allow sufficient time for processing by year end. If required for chapter 4 purposes, applicants must have obtained a GIIN prior to submitting their applications. See" section 2.22 of the QI Agreement in Rev. Proc. 2022-43, or section 12.01(a) of the WP or WT Agreement in Rev. Proc. 2017-21 for the effective date of an agreement" for a new applicant. Please note that applications submitted after October 27, 2023 will not be processed. Prospective applicants, unable to submit an application before the October 27, 2023 deadline, should wait until January 1, 2024 to submit the application for the 2024 year.

Final Call: 2023 Application Deadline for QI (including QDD), WP, and WT This is your final reminder regarding the upcoming deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) applications for the year 2023. If you’re an applicant wishing to have an agreement in effect […]

e-News for Tax Professionsals Issue 2023-41

e-News for Tax Professionals October 13, 2023 Upcoming Events Seminars, Workshops, Conferences, and Other Practitioner Activities By State: Nationwide Webinars Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Issue Number: 2023-41 Inside This Issue Taxpayers impacted by the terrorist attacks in Israel qualify for tax relief IRS updates tax gap projections for 2020, 2021 A Closer Look: Get to know the IRS, its people, the issues affecting taxpayers News from the Justice Department’s Tax Division Technical Guidance 1. Taxpayers impacted by the terrorist attacks in Israel qualify for tax relief The Internal Revenue Service today announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions. See more in Notice 2023-71. 2. IRS updates tax gap projections for 2020, 2021 The IRS released new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a significant jump from previous estimates. “This increase in the tax gap underscores the importance of increased IRS compliance efforts on key areas," said IRS Commissioner Danny Werfel. "With the help of Inflation Reduction Act funding, we are adding focus and resources to areas of compliance concern, including high-income and high-wealth individuals, partnerships and corporations.” 3. A Closer Look: Get to know the IRS, its people, the issues affecting taxpayers The executive column “A Closer Look” covers a variety of timely issues of interest to taxpayers and the tax community. It also provides a detailed look at key issues affecting everything from IRS operations and employees to issues involving taxpayers, tax and payroll professionals. Take a closer look. 4. News from the Justice Department’s Tax Division Jessica Avras of Nevada pleaded guilty to assisting in the preparation of false income tax returns. Avras, who admitted that her conduct caused a tax loss to the IRS of approximately $525,000, faces a maximum penalty of three years in prison, a period of supervised release and monetary penalties. 5. Technical Guidance Revenue Procedure 2023-33 sets forth the procedures under sections 30D(g) and 25E(f) of the Internal Revenue Code for the transfer of the clean vehicle credit or previously owned clean vehicle credit from the taxpayer who elects to transfer such credit to an eligible entity. These procedures will apply to transfers of credits after Dec. 31, 2023.

e-News for Tax Professionals Edition 2023-41 In this edition of e-News for Tax Professionals, we’re covering a variety of important topics and updates as of October 13, 2023. From upcoming events to critical tax updates, we’ve got you covered! Upcoming Events We’re excited to announce a series of nationwide webinars, seminars, workshops, conferences, and other […]

The IRS Updates FAQ on the QI/WP/WT’s FAQs Page

The IRS updates FAQ Q20 to provide guidance on WP/WT agreement renewals. This FAQ is under the section New Applications/2017 Renewals of the QI/WP/WT’s FAQs page.

The Latest IRS Update on QI/WP/WT’s FAQs Page The Internal Revenue Service (IRS) has recently made a significant update to their Frequently Asked Questions (FAQs) page. Specifically, they have revised FAQ Q20, which now provides new guidance on WP/WT agreement renewals. Understanding the WP/WT Agreement Renewals The updated FAQ Q20 is located under the section […]

Scheduled Maintenance for the Affordable Care Act Information Returns (AIR) System

The AIR Production and ACA Assurance Testing System (AATS) systems will be unavailable due to scheduled maintenance from Saturday, October 14, 2023, from 12:00 a.m. Eastern time until 2:00 p.m. Eastern time. Please do not attempt to access the Application to Application (A2A) and User Interface (UI) Channels during the maintenance period. Please monitor the AIR System Operational Status page for any updates. We apologize for any inconvenience this may cause.

Upcoming Maintenance for the Affordable Care Act Information Returns (AIR) System An important announcement for all users of the Affordable Care Act Information Returns (AIR) System: there will be a scheduled maintenance period that will affect system availability. When is the Maintenance Scheduled? The maintenance period is set to begin on Saturday, October 14, 2023. […]

QuickAlerts – Technical – Form 1040 Series Business Rules and Schema are Available.

Subject: Form 1040 Series Business Rules and Schema are Available. Attention: Software Developers, Return Transmitters and Authorized IRS e-File Providers/EROs Tax Year 2023 / Processing Year 2024 Business Rules and Schema Form 1040 Series 2023v4.0 Form 2350 2023v1.1 Form 4868 2023v1.1 Form 56 CUv23.1 Form 9465 CUv25.1 Tax Year 2022 / Processing Year 2024 Schema Only Form 1040 Series 2022v5.5 (Revised) Software Developers and State organizations may download Modernized e-File (MeF) schemas and business rules from their e-Services mailbox. To access these files, you must have: An active e-Services account An e-File application with the Software Developer or State provider option with the associated tax type of 1040, 2350, 4868, 56 or 9465 Please visit the Modernized e-File (MeF) Schemas and Business Rules page on IRS.gov for more information about MeF Schemas and Business Rules. You may have several messages in your account. Please open all of them to find the set you would like to download. After 60 days the messages are purged. If you have the appropriate role and do not have these files available for download within 48 hours, please contact the MeF Mailbox mefmailbox@irs.gov with the Company Name, ETIN and Schema Package(s) with Tax Year needed.

QuickAlerts – Technical Update: Availability of Form 1040 Series Business Rules and Schema Attention all Software Developers, Return Transmitters, and Authorized IRS e-File Providers/EROs! We have an important update for you regarding the Tax Year 2023 and Processing Year 2024 Business Rules and Schema. Form 1040 Series 2023v4.0 and Other Updates The latest versions of […]

IRS-Criminal Investigation (CI) Presents: Tax Case of the Month

IRS Criminal Investigation (CI) typically selects one criminal case adjudicated during the previous month to serve as the Tax Case of the Month. September was an extraordinary month in terms of criminal tax sentencings, and CI leadership couldn’t select just one. The agency selected TWO Tax Cases of the Month, which were investigated by CI’s Tampa and Los Angeles Field Offices. NJ native, CFO of Russian gas company sentenced to 7 years for failing to file taxes Born in Orange, New Jersey, Mark Anthony Gyetvay rose to leadership as chief financial officer (CFO) of Novatek, a Russian natural gas company based in Moscow, after establishing a presence in Russia as a licensed certified public accountant (CPA) at a U.S.-based accounting firm. While CFO, Gyetvay concealed his ownership and control over offshore assets worth in excess of $93 million and failed to pay taxes on millions of dollars of income. Gyetvay also submitted a false offshore compliance filing with the IRS to avoid penalties and prosecution. Beginning in 2005, Gyetvay opened two different accounts at a bank in Switzerland to hold large sums of money, which at one point had an aggregate value of over $93 million. Over a period of several years, Gyetvay took steps to conceal his ownership and control over these funds, including removing his name from the accounts and making his then-wife, a Russian citizen, the beneficial owner of the accounts. Additionally, and despite being a CPA, Gyetvay did not file personal tax returns for 2013 and 2014. Additionally, Gyetvay did not file Reports of Foreign Bank and Financial Accounts (FBARs), as required, to disclose his control over the Swiss bank accounts, even rejecting his accountant’s recommendation to do so. In an unsuccessful attempt to avoid significant financial penalties, Gyetvay made a false filing with the IRS using streamlined foreign offshore procedures, a process only available to taxpayers whose failure to report offshore assets and income is due to non-willful conduct. On Sept. 21, Gyetvay was sentenced to 86 months in prison, ordered to serve three years of supervised release, and pay a $350,000 fine and approximately $4 million in restitution to the U.S. A federal jury convicted Gyetvay in March of failing to file a FBAR, making a false statement to the IRS and willfully failing to file tax returns. This case was investigated by the Tampa Field Office. Tax fraud, identity theft nets 34-year sentence for Nigerian criminal Ayodele Arasokun was sentenced to 34 years in federal prison for orchestrating an international tax scheme on September 18, 2023. From January 2016 to November 2017, Arasokun devised a scheme to unlawfully obtain tax refunds by filing fraudulent federal income tax returns. Arasokun collected the names, dates of birth, and Social Security numbers of multiple individuals across the U.S. Using this information, Arasokun compromised the IRS Electronic Filing Pin application, an online electronic portal used for e-filing. The fraudulent returns contained fictitious income amounts, withholdings, and other false information. Arasokun then directed tax refunds to be deposited into prepaid debit cards and bank accounts that he monitored. Arasokun pursued approximately 700 U.S.-based accounts containing over $50 million. Of the $9.1 million claimed by Arasokun in false federal income tax returns, the IRS paid out $2.2 million in fraudulently obtained refunds. A jury convicted Arasokun in October 2022 of 21 counts of wire fraud and aggravated identify theft for coordinating a scheme to file 1,701 false returns and claim $9.1 million in refunds, with West Virginia residents among his victims. This case was investigated by the Los Angeles Field Office.

IRS-Criminal Investigation (CI) Spotlights: September’s Noteworthy Tax Cases The IRS Criminal Investigation (CI) division usually highlights one criminal case adjudicated in the preceding month as its Tax Case of the Month. However, September proved to be an exceptional month for criminal tax sentencings. The CI leadership found it impossible to choose just one case. Instead, […]