Tax fraud

Collecting all unpaid income tax from the top 1% would boost revenue to the U.S. Treasury by $175 billion a year.

The Internal Revenue Service’s Criminal Investigation Division issued a warning Thursday about a new wave of COVID-19 scams tied to the latest round of stimulus payments, especially targeting taxpayers in the District of Columbia.

A group of 25 Democrats in the House wrote to congressional leaders asking them to provide $12.1 billion in funding for the Internal Revenue Service, including $5.2 billion for enforcement, with an eye toward cracking down on high-income tax cheats.

Though notorious for being complex, they can be incredibly helpful in the hands of tax professionals who know how to use them.

The COVID-19 pandemic has infected the service’s annual list of top tax scams.

Swiss banks face pressure across Europe, with prosecutors in France, Germany and Italy accusing them of helping clients hide money from tax authorities.

The bank allegedly helped French clients evade taxes.

The bank was ordered to pay more than $5 billion over a tax-evasion case in France.

Scammers are notorious for stealing social security numbers to file fake returns, an expert warns.