IRS Criminal Investigations

Money Laundering and Foreign Bank Accounts

Under the Bank Secrecy Act, U.S. residents or a person in and doing business in the United States must file a report with the U.S. Treasury if he or she has a financial account in a foreign country with a value exceeding $10,000 at any time during the calendar year. Taxpayers comply with this law by noting the account on their tax return and by filing Form 90-22.1, the Foreign Bank and Financial Account Report (FBAR). Willfully failing to file an FBAR report can be punished under both civil and criminal law.

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IRS Criminal Investigation

IRS Criminal Investigation (CI) is comprised of approximately 4,400 employees worldwide, approximately 2,600 of which are special agents whose investigative jurisdiction includes tax, money laundering and Bank Secrecy Act laws. While other federal agencies also have investigative jurisdiction for money laundering and some bank secrecy act violations, IRS is the only federal agency that can investigate potential criminal violations of the Internal Revenue Code.

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Robert E. McKenzie discusses IRS probe of offshore accounts on First Business News

Arnstein & Lehr Chicago Partner Robert E. McKenzie was interviewed by First Business News for…

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IRS and Offshore Accounts

Custom Search Arnstein & Lehr Chicago Partner Robert E. McKenzie recently authored a piece titled,…

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Robert E McKenzie Appearance on Bloomberg News

Video of Robert E. McKenzie Bloomberg interview regarding offshore accounts Click here Custom Search

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IRS Offshore Account Holders

IRS & Offshore Account Holders

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