FinCEN Notice Highlights Concerning Increase in Payroll Tax Evasion, Workers’ Compensation Fraud in the Construction Sector

FinCEN and IRS CI jointly alerted financial institutions about a troubling rise in payroll tax evasion and insurance fraud in U.S. real estate construction sectors. These schemes, largely executed through banks and check cashers, cause significant annual losses to state and federal tax authorities, totaling hundreds of millions of dollars. Learn more here.