It’s been just over four years since the enactment of the CARES Act. While the COVID-19-related law helped millions of individuals and businesses through the economic fallout due to the pandemic, it also attracted a great deal of tax fraud. The IRS’s Criminal Investigation (CI) division said that it investigated 1,644 tax and money laundering cases related to COVID fraud potentially totaling $8.9 billion, with well over half that amount coming from cases opened in the last year. Indeed, as of Feb. 29, 2024, nearly 800 people have been indicted for their alleged COVID-related crimes and 373 individuals have been sentenced to an average of 34 months in federal prison.
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