Despite recommendations made in previous audits, the IRS still fails to use Currency Transaction Reports (CTRs) in an effective manner, according to a Treasury Inspector General for Tax Administration (TIGTA) audit. Financial institutions must file CTRs with the Financial Crimes Enforcement Network for transactions that exceed $10,000 or multiple currency transactions that aggregate more than $10,000 in one day. The IRS isn’t making “systemic use” of data derived from CTRs in its examinations, the audit noted. Read the audit report here: https://bit.ly/2PGScSk 

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