The Treasury Inspector General for Tax Administration (TIGTA) said in an audit that the accuracy of Currency Transaction Report (CTR) data in IRS systems must be improved to ensure its usefulness in compliance activities. The IRS regularly imports CTR data from the Financial Crimes Enforcement Network (FinCEN). Financial institutions are required to file CTRs with FinCEN for currency transactions that generally exceed $10,000. The information is seen as useful in identifying cash activity that may not be reported accurately on income tax returns, the audit noted, adding that it may lead examiners to discover sources of unreported income. Read the audit report here: https://bit.ly/2FBOEAM Call or visit our website for more information! www.mjscpa.com/
