IRS turns to bank data to investigate tax criminals

The IRS's Criminal Investigation unit is increasingly relying on information provided by financial institutions under the Bank Secrecy Act, and more of today’s top stories. 

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IRS turns to bank data to investigate tax criminals

The IRS-CI chief presented statistics showing that 15.8% of all investigations opened by his division in fiscal year 2022 originated from a BSA form, which are typically filed by banks and other financial institutions, although they can also be filed by other types of businesses and even individuals.

In other news today:

Lease accounting standard evolves in U.S. and abroad

Private companies in the U.S. are still adjusting to the standard that took effect last year, as international standard-setters are proposing new rules for the public sector.

Remote accountant owes firm $2.7K for slacking off

A Canadian small-claims tribunal ordered an accountant to pay her former firm for time theft.

IRS prodded to crack down further on tax scam promoters

The Internal Revenue Service could be doing more to detect and deter promoters of abusive tax schemes, according to a new report.

TaxBit acquires Tactic

The deal will combine tax and accounting software aimed at tracking cryptocurrency and other digital assets.

Intuit expands QuickBooks Business Network

The accounting software vendor is greatly expanding eligibility to allow millions more businesses to access its B2B payment system.