Taxing Definitions

Definition – Financial Sleuthing

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Image source: Free Picture: Catch Of The DayID: 189905 © Dana Rothstein Dreamstime Stock Photos
Image source: Free Picture: Catch Of The DayID: 189905 © Dana Rothstein Dreamstime Stock Photos

You’ve probably watched a movie or two about agent double-oh-seven and his infamous license to kill. But do you know Agent 1? According to news reports, Agent 1 was instrumental in the indictment of the “Silk Road” narcotics trafficking conspiracy—and he’s a special agent with IRS Criminal Investigation, narcotics and counterterrorism section. Did you know the IRS has a narcotics and counterterrorism section? It focuses on narcotics-related financial crimes and counterterrorism financing.

What is now IRS Criminal Investigation started out as the Intelligence Unit in 1919. The unit played major roles in the conviction of Al Capone and in solving the Lindbergh kidnapping. CI has also played a part in less-savory roles, such as being used by President Roosevelt to investigate his political enemies.

Today IRS Criminal Investigation consists of 2,316 special agents and 938 professional staff personnel. CI initiated 3,853 investigations during the fiscal year ended September 30, 2015, with 3,208 of them resulting in indictments.

Here are some questions to test your knowledge of the IRS’s financial sleuths.

1.

For the past three years, the conviction rate of IRS Criminal Investigation has been approximately

or

?

 

2.

How many identity theft investigations do you think IRS CI initiated during fiscal year 2015?

or

 

3.

IRS CI investigates bankruptcy fraud because the IRS is often a creditor in bankruptcy proceedings. According to the US Bankruptcy Court, how many bankruptcy filings were there in fiscal year 2015?

or

 

4.

IRS CI’s office of international operations helps investigate offshore tax evasion and fraud committed by individuals. IRS CI has special agent attachés stationed in how many foreign countries?

or

 

5.

During fiscal year 2015, in 276 investigations, IRS CI seized 866 assets with a total appraised value of

or

 

Source of above answers: IRS Criminal Investigation 2015 Annual Report

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This information should not be considered legal, investment or tax advice. Taxing Lessons and Top Drawer Ink Corp. do not provide legal, investment or tax advice. Always consult your legal, investment and/or tax advisor regarding your personal situation.

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