The IRS released its annual criminal investigation report, with its chief comparing this year's successes as significant as their infamous takedown of Al Capone.
The report, made by the Internal Revenue Service's Criminal Investigation (IRS-CI) team, also highlights the agency's global reach in financial crime enforcement, said an official statement from IRS-CI.
The report, which documents the IRS' successes from October 2023 to September 2024, includes key milestones such as the first prosecutions for syndicated conservation easement schemes, groundbreaking tax evasion on cryptocurrency gains, and a historic settlement with a major cryptocurrency exchange for anti-money laundering violations.
This year was also the first time the U.S. Treasury agencies collaborated with the IRS to lead a task force and public outreach series to combat fentanyl trafficking.
"FY24 was one for the history books," said said IRS-CI Chief Guy Ficco. "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."
Ficco compared this year's milestones to Capone's 1931 tax evasion conviction which initially started after the Chicago mobster failed to pay taxes on his illicit income from bootlegging alcohol and gambling. He was sentenced to 11 years in prison.
"As with Al Capone, financial trails eventually lead to criminals' downfall," Ficco said. "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 initiated over 2,667 investigations, achieving a 90% conviction rate, while uncovering $9.1 billion in fraud, and seizing $1.2 billion in criminal assets.
The agency expanded its international footprint with new posts in Nassau and Singapore and delivered training to over 930 participants across 70 countries.
Cybercrime remained a priority to the IRS-CI, with 111 new cases leading to prison sentences.
The IRS-CI's continues to target tax fraud, money laundering, and narcotics trafficking.
In June, the U.S. Treasury and the IRS worked together to 'close a major tax loophole' often abused by complex and large partnerships to lower tax liabilities. According to the IRS, once implemented, the measure will bring government coffers $50 billion over the next decade.
