IRS posts criminal investigation report

The Internal Revenue Service Criminal Investigation identified over $2.1 billion in tax fraud in fiscal year 2024, according to a new report.

The IRS-CI sentenced 615 subjects to an average of 27 months in federal prison for violating tax laws. The agency initiated over 2,667 criminal investigations, obtained 1,571 convictions and reached a 90% conviction rate. It also 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 approximately $1.2 billion in criminal assets.

The IRS-CI additionally initiated 493 investigations involving over $5.5 billion of potentially fraudulent Employee Retention Credit claims. Of those investigations, 42 have resulted in federal charges to date.

“FY24 was one for the history books. For years, IRS-CI has been known as the agency that took down Al Capone, but this year, our cases hold their own place in U.S. history,” IRS-CI Chief Guy Ficco said in a statement. “As with Al Capone, financial trails eventually lead to criminals’ downfall. Our agents are the best at following the money trail, and that’s why they have an integral role in bringing down criminals ranging from national security threats to drug traffickers.”

The IRS-CI is the law enforcement arm of the IRS. It is responsible for conducting financial crime investigations, such as tax fraud, narcotics trafficking, money laundering, public corruption, healthcare fraud and identity theft. The agency has 20 field offices across the U.S. and 14 attaché posts abroad. This year, it added a new attaché post in Nassau, Bahamas, and a cyber attaché in Singapore, expanding its international presence.

The report also highlights the agency’s focus on combatting cybercrime, includes case examples for each U.S. field office, and details the specialized services provided by the IRS-CI as well as additional statistics for FY24.