WASHINGTON, D.C. — The Internal Revenue Service Criminal Investigation (IRS-CI) has unveiled its Fiscal Year 2024 (FY24) Annual Report, detailing key achievements in tackling financial crimes domestically and abroad. Covering activity from October 1, 2023, through September 30, 2024, the report underscores IRS-CI’s pivotal role in combatting tax fraud, cybercrime, money laundering, and other financial offenses.
This year’s findings include several historic milestones for the agency. Notable firsts include the convictions stemming from syndicated conservation easement schemes, the indictment of a U.S. taxpayer for undisclosed cryptocurrency gains, and a major settlement by the world’s largest cryptocurrency exchange over anti-money laundering violations. Additionally, IRS-CI led a task force and public awareness initiative to address fentanyl trafficking, marking a significant step in interagency partnerships.
“FY24 was one for the history books,” said IRS-CI Chief Guy Ficco. “Our agents’ unmatched ability to follow financial trails has cemented their role in dismantling criminal networks that pose threats to society.”
Key Achievements and Statistics
During FY24, IRS-CI initiated over 2,667 criminal investigations and sustained a 90% conviction rate, resulting in 1,571 convictions. Through its investigative efforts, the agency identified more than $9.1 billion in fraudulent activity, secured $1.7 billion in court-ordered restitution, and seized approximately $1.2 billion in criminal assets.
Cybercrime remained a priority, with 111 new cyber-related cases and significant prison terms averaging more than five years for convicted offenders. The agency strengthened its global reach with the establishment of new attaché offices in Nassau, Bahamas, and Singapore, aiding international investigations and partnerships. The International Training Team also conducted over 30 sessions for participants from 70 countries, further supporting global collaboration.
Expanded Role and Future Challenges
IRS-CI remains the only federal law enforcement agency authorized to investigate violations of the Internal Revenue Code. From uncovering identity theft schemes to dismantling large-scale tax evasion operations, the agency’s work remains central to upholding financial integrity. Its partnerships with other federal and international entities reflect a growing focus on shared global threats, particularly in the realms of cryptocurrency compliance and cybercrime.
The annual report provides a detailed account of field office operations, specialized services, and major cases, reinforcing IRS-CI’s leading role in preserving the nation’s financial security amid evolving challenges.
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