IRS Criminal Investigation (IRS-CI) recently released its annual report. This report contains substantial information regarding the types of cases it investigates and the number of cases it recommends for prosecution.
Investors who are thinking of paying cash for residential real estate in New York City should know that the federal government may be looking closely at their transaction. The Department of the Treasury's Financial Crimes Enforcement Network (FINCEN) announced recently that it renewed an order requiring title companies in certain areas of the United States to reveal the names of individuals paying cash for "high-end" residential real estate. The compliance with the order requires completion of IRS Form 8300 and a review of the subject transaction.