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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network has issued an alert to financial institutions on fraud schemes related to the Employee Retention Credit as part of the CARES Act.
According to the November 22, 2023, alert, FinCEN is “urging vigilance in identifying and reporting suspicious activity.”
The agency identified 10 “red flag indicators of ERCfraud,” including:
The alert also provides general information on suspicious activity reporting.
FinCEN reported that the Criminal Investigation division of the Internal Revenue Service has already opened 323 investigations involving more than $2.8 billion of potentially fraudulent ERC claims. It adds that some individuals “have fraudulently filed ERC claims with the IRS using fabricated and dormant entities. For ERC schemes, CI has observed that dormant entities typically had an EIN but did not have any activity and then filed taxes for at least one tax period during the claim period.”
By Gregory Twachtman, Washington News Editor
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