A recent report from FinCEN, a government agency responsible for enforcing the Bank Secrecy Act (BSA), details a new approach the department is taking to analyze returns relating to escrow accounts (IRS Form 8300) from 2003-2011 to search for irregularities to prosecute.
The assumption the department is making is that difficult financial times may motivate lawyers, bankers, real estate agents, and other professionals who work with escrow accounts to defraud or otherwise misue their escrow accounts.
There is therefore little question that in the immediate future we will see a significant increase in auditing of escrow accounts and of prosecutions for the misuse of escrow funds.
At Aiken, O’Halloran & Associates our attorneys have extensive experience evaluating and litigating complex financial cases. Peter Aiken, a founding parter of the firm, is a former IRS Special Agent and Enforcement Attorney with special skills in this regard.
Only you know if you may have a problem arising from the use of your escrow account. Do not wait until the police are knocking at your office door to prepare a defense.