IRS Steps Up Patriot Audits

Dozens of wholesalers have been audited recently for USA Patriot Act compliance—and retailers may be next. “I am probably getting at least one call a week from companies,” says Cecilia Gardner, CEO and president of the Jewelers Vigilance Committee, whose group produces Patriot Act compliance kits. IRS agents aren’t “looking to issue penalties or fines,” says Gardner. “They just want to see if you have a program in place.” One wholesaler says the process was “not scary at all,” but notes that the IRS “takes this much more seriously than the industry.”

This content is exclusive to JCK Pro subscribers. Subscribe now to access this and much more with discount code GOPRO21 for $199 for an entire year of access (reg. $249).


Already a JCK Pro? Log in

A JCK Pro subscription is your all-access pass to people and resources on the
cutting edge of the retail jewelry industry, from the industry authority you
know and trust

Learn about the Perks of JCK Pro

Log Out

Are you sure you want to log out?

CancelLog out