IRS Employees Caught Taking Bribes

Eavesdropping devices helped officials catch eight Chicago IRS employees were allegedly were taking bribes in exchange for offering certain taxpayers breaks on paying their income tax.

The eight were placed on paid, administrative leave until further notice. While one agent was taped discussing a $25,000 payment, a source close to the Chicago Sun-Times reports that the payment actually was less than $100.

At least two of the eight became informants and wore recording equipment on-site. The sources also said the investigation has been going on for 18 months, and if indicted, would mark the first major corruption charge against IRS employees since the IRS Reform and Restructuring Act was passed in 1998.

Prosecutors also are investigating accountants and possibly others in similar payoffs who may have made deals on behalf of their clients.

You may like these other stories...

Did you know that the tax code allows you to claim tax deductions for household damage caused by thefts, vandalism, fires, floods, hurricanes, and others kinds of casualties? But the law imposes several restrictions.Relief...
Inversions: Loophole Is the ProblemJacob J. Lew, the U.S. Treasury Secretary, published an opinion piece in the Wall Street Journal that "the system has become full of inefficiencies and special-interest loopholes. That...
School tax breaks get House support as Democrats objectRichard Rubin of Bloomberg reported that the House of Representatives on Thursday voted to expand and simplify tax breaks for education as Republicans continue to pass...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.