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Please visit www.irs.gov and answer the following: 1) What percentage of bankruptcy petitions does the IRS...

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Accounting

Please visit www.irs.gov and answer the following: 1) Whatpercentage of bankruptcy petitions does the IRS estimate containsome kind of fraud? 2) What are the major goals of the CIdivision’s bankruptcy fraud program? 3) Read two or three examplesof bankruptcy fraud and discuss.

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ANSWER 1 US bankruptcy laws provide for the development of a plan that allows a debtor who is unable to pay his creditors to resolve his debts through the division of his assets among his creditors Bankruptcy fraud is committed when individuals and corporations conceal and misstate assets mislead creditors and illegally pressure bankruptcy petitioners during a bankruptcy proceeding Bankruptcy laws can be found in Title 11 of the US Code Criminal sanctions can be found in Title 18 of the US Code Section 152 and Section 157 The IRS Criminal Investigations Bankruptcy Fraud Program investigates bankruptcy fraud cases and if necessary recommends some of those cases for prosecution by the Department of Justice In 2006 the IRS initiated 32 bankruptcy fraud investigations Twentyfour were prosecuted and ten sentenced The average sentence was 29 months in either federal prison or another form of detention According to the United States Bankruptcy Court bankruptcies are steadily increasing and reached 17 million in fiscal year 2003 This increase in bankruptcy petitions has been accompanied by an increase in bankruptcy fraud The most common types include concealing assets filing serial bankruptcy cases and making fraudulent transfers The US Department of Justice estimates that 10 percent of all bankruptcy petitions contain some elements of fraud Thus CPAs and financial professionals must educate themselves on the remedies and courses of actioncivil and criminalavailable to them once they have identified indications of fraud 2 The goals of IRS Criminal Investigations Bankruptcy Fraud Program are to Enhance IRS presence among bankruptcy professionals and practitioners for the dual    See Answer
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