Tax Fraud Needs Better Compliance Management

Compliance officials wear a variety of different hats, however one that is especially important is that of tax specialist. That’s right: Tax Day challenges companies to assess their annual income and expenditures. This isn’t a one man task. Honest filers and fraudsters alike know that the IRS struggle to stay on top of potential fraud while assessing the contents of many an honest return. This is largely due to taxpayer identity theft.

This type of white collar crime exploded between 2010 and 2012, although the IRS reports that it is currently growing. How is the IRS trying to keep up with the new tricks of the multi-billion fraudulent trade? Heavily monitoring past stolen identities that have forged tax returns in the past to learn about what to expect from future fraudsters. Tax fraud is a common white collar crime that affects nearly every industry.

No every company knowingly files fraudulent tax returns. This is especially true for new companies just looking to file complicated expenditure reports. Compliance officers help these companies stay out of the IRS red zone through transparent and helpful advice. Extra security checks, in addition to company education efforts, are part of compliance’s role.

This is especially useful as congressional budget cuts are inhibiting IRS ability to collect a national $3.1 trillion annual tax bill. This is why fraudulent tax returns are an IRS and company nightmare. Neither side wants to deal with the complicated procedures in place to deal with these returns.

Helane Morrison represents a new brand of compliance officers and experts well versed in company compliance guidelines. Setting the bar for female administrators within the SEC, she has made a name for herself within San Francisco finance. Along with Morrison female compliance officers Valerie Caproni, Mary Keefe, and Carmen Lawrence are have many year experience in setting compliance standard for the finance centered regional hubs they are located within.

Morrison has reported that compliance efforts have tightened since San Francisco District Office had doubled. Going from 30 to 60 within five years, increased increased work loads have challenged the enforcement and examination staffs, but have made them even more competent in the major issues which are affecting the finance industry as of today.

She heads and office of professionals that investigate those who cheat investors. These types of schemes can often utilize tax schemes or simple embezzlement tactics. Morrison has been stern to ensure that the finance industry goes after companies and the individuals within them that make the financial industry a risky venture for those wanting a straightforward and honest approach to investing.

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