Blog Post

Tim’s Tax News on the Tenth – December 2024

Timothy M. Hughes • December 10, 2024

IRS Releases Fiscal Year 2024 Criminal Investigation Annual Report

The Internal Revenue Service Criminal Investigation (“IRS-CI”) recently released its Fiscal Year 2024 (October 1, 2023, to September 30, 2024) Annual Report that details significant cases involving crimes ranging from tax fraud to cybercrime, enhanced domestic and foreign partnerships and investigative statistics for the 2024 Fiscal Year.

The 2024 report highlights several firsts for the IRS – the first sentencings tied to syndicated conservation easement schemes, the first sentencings and guilty plea of a U.S. taxpayer solely for not paying taxes on gains from cryptocurrency sales, the first time Treasury agencies have led a task force and public outreach series to combat fentanyl trafficking, and a historic financial settlement by the world’s largest cryptocurrency exchange for violating anti-money laundering and sanctions laws.

In Fiscal Year 2024, IRS-CI initiated more than 2,667 criminal investigations, obtained 1,571 convictions, and reclaimed its 90% conviction rate. The agency’s investigative work identified over $9.1 billion in fraud from tax and financial crimes, obtained court orders totaling $1.7 billion in restitution to the IRS, and seized criminal assets totaling approximately $1.2 billion.

Other significant items in this year’s annual report include:

IRS-CI extended the agency’s international footprint by launching a new attaché post in Nassau, Bahamas, and a Cyber attaché post in Singapore.
The International Training Team delivered more than 30 trainings to over 930 participants from more than 70 countries. These trainings play a critical role in global partnerships and investigations.
Combatting cybercrime continued to be a focus for the agency. In Fiscal Year 2024 alone, IRS-CI initiated 111 new cybercrime investigations, and defendants in these cases continue to receive prison sentences averaging more than five years.

If you would like more details, please do not hesitate to call our office. Our office has been successful in helping taxpayers with IRS and IDOR collection problems for over 30 years. If you have a tax or debt problem, please contact me at 847-705-9698 or thughes@lavellelaw.com and find out how we can help you.

Are you receiving the Lavelle Law eNewsletter? Sign up today and receive valuable updates and perspectives on a wide range of legal issues: http://goo.gl/pjeJkm

< Older Post

Newer Post >

Mail

More News & Resources

Lavelle Law News and Events

Delaware Court Provides the Standard of Supreme Review for the Redomestication of Corporations

Delaware Court Reverses Chancery Court and Provides the Standard of Supreme Review for the Redomestication of Corporations

By Steven A. Migala and Anthony Letto • March 12, 2025

Delaware corporations seeking to redomesticate to another state should be advised that on February 4, 2025, the Delaware Supreme Court issued its highly anticipated decision in Palkon v. Maffei, C.A. No. 2023-0449-JTL, addressing a challenge to TripAdvisor's redomestication from a Delaware corporation to a Nevada corporation. The case raised important questions regarding the standard of review applicable to such reincorporations, particularly when fiduciaries may derive a benefit from shifting to a legal regime perceived as more friendly.

Illinois residential zoning laws and significant opportunities for property owners.

Transforming Chicago’s Housing Market: New Legislation and Opportunities for Property Owners

By Chance W. Badertscher • March 12, 2025

Recent legislative efforts in Illinois are reshaping the state’s approach to residential zoning, with significant implications for the housing market. A new bill, House Bill 1814, introduced last week, aims to eliminate single-family zoning in municipalities across Illinois. If passed, this bill will allow for the development of multi-unit buildings in areas currently zoned exclusively for single-family homes. This initiative, alongside a similar bill introduced last year, has the potential to address the state’s growing housing shortage and make housing more affordable for middle-class families.

LATEST UPDATE on the Corporate Transparency Act and BOI Report Filings

By Frank J. Portera and James Berg • March 11, 2025

On February 27, 2025, FinCEN issued an immediate press release stating it would not impose fines, penalties, or take any other enforcement actions against companies that fail to file or update Beneficial Ownership Information ("BOI") reports pursuant to the Corporate Transparency Act ("CTA") by the current deadlines. FinCEN also announced that it would be revising BOI reporting deadlines through an interim final rule set to be issued no later than March 21, 2025.

IRS Releases its List of Dirty Dozen Tax Scams for 2025

Tim’s Tax News on the Tenth – March 2025

By Timothy M. Hughes • March 10, 2025

The IRS recently published its yearly list of most prevalent tax scams known as its Dirty Dozen. The list is obviously not exhaustive but an attempt to warn taxpayers of trends seen by the IRS. The IRS list of tax scams for 2025 came with a warning for taxpayers, businesses, and tax professionals to watch out for common schemes that threaten their tax and financial information.

Success Story – Small Business Owner Recovers Substantial Amount Levied by the State

By Tax Law • March 5, 2025

Lavelle Law represented a small Illinois business owner who had accumulated a large sales tax balance due to their accountant’s negligence. Unbeknownst to the client Illinois Department of Revenue (“IDOR”) was at the levy issuance phase in its collection. And the IDOR levied the taxpayer’s account right after the taxpayer had deposited funds from a HELOC that was obtained to provide capital to the company for the next 6 plus months.

New statutory provisions on potential income included in new Illinois child support law.

New Illinois Child Support Law: Closing Loopholes on Voluntary Unemployment

By Joseph A. Olszowka • February 27, 2025

The Illinois legislature has recently taken a significant step in closing a longstanding loophole in child support. This amendment represents a pivotal change in how courts assess and calculate child support obligations, providing greater protections against those who attempt to evade their financial responsibilities.

LATEST UPDATE on the Corporate Transparency Act and New Deadline for Filing BOIR

By Frank J. Portera • February 20, 2025

This article will serve as another update to the ongoing Corporate Transparency Act developments. As of February 17, 2025, a federal judge in the Eastern District of Texas lifted the injunction it had ordered on January 7, 2025, in Smith v. U.S. Department of the Treasury, 6:24-cv-00336 (E.D. Tex.), allowing the federal government to once again enforce the Corporate Transparency Act and its Beneficial Ownership Information Report requirements.

Litigation 101: A Step-by-Step Guide to Bringing a Lawsuit in Illinois

By Sarah J. Reusché • February 14, 2025

This article is the second in our Litigation 101 series. It focuses on the flip side: how to sue someone else. Suing someone is a serious decision that requires careful thought and preparation. Before pursuing legal action, it’s crucial to reflect on the issue and understand the steps involved in bringing a lawsuit. This article outlines the basics to help you approach the process with confidence and make informed decisions.

Updates Regarding the Corporate Transparency Act Hold: Key Implications for Businesses

By Frank J. Portera • February 13, 2025

On December 11, 2024, we published an article titled “Corporate Transparency Act on Hold: Key Implications for Businesses,” which addressed the nationwide injunction impacting the enforcement of the Corporate Transparency Act and its Beneficial Ownership Information Reporting rule. Since then, there have been a few significant legal developments that businesses should monitor closely. While the Financial Crimes Enforcement Network is currently prohibited from enforcing BOIR requirements, ongoing litigation, and the related appeals may alter this status. Below, we provide a timeline of key events and insights into what business owners should anticipate moving forward.

Understand the new Illinois employment laws taking effect in 2025.

Breakfast Briefs Presentation - New Illinois Employment Laws for 2025

By Lance C. Ziebell and Kelly A. Anderson • February 12, 2025

Watch this video to understand the new Illinois employment laws taking effect in 2025 and learn how to protect your business. This video was recorded on January 29, during a Lavelle Law Breakfast Briefs presentation with attorneys, Lance Ziebell and Kelly Anderson.