U.S. Tax Court just gave a big win to whistleblowers in an IRS case dealing with “collected proceeds”. The opinion includes broad and sweeping definitions which includes criminal fines.
The IRS estimates the annual tax gap to be $406 billion, based on data from 2008-2010.
Wherever you go, there they are; misplaced priorities.
This is how they spend their enforcement resources in the UK.
The IRS has issued their Fiscal Year 2014 Whistleblower Program report to Congress. As in years past, we see a flood of whistleblower submissions, but only the thinnest trickle of cases resolved.
A quick summary:
This Week in Fraud is a peek into the world of whistleblowing and incentivized integrity programs. Each week we highlight important case settlements, industry developments, and general points of interest. Take a moment and see what is happening this week in fraud.
There has been quite a bit of news in recent years about US companies “inverting” – companies reincorporating or merging their company abroad to dodge U.S. taxes – and most of that news has centered around the tax avoidance strategy known as Double Irish with a Dutch Sandwich. This scheme has allowed some of the most profitable companies in the United States to relocate their corporate headquarters overseas and as a result, avoid billions in taxes.
What They're Saying About the IRS Whistleblower Program
The TAF Education Fund is creating two new dedicated list-servs, one for IRS whistleblower matters, and the other for SEC and CFTC whistleblower issues. Come, grow along with us!
In One Week:
- IRS Commissioner John Koskinen gave a keynote address at the TAF Education Fund’s annual conference and announced his support for whistleblowers and the IRS whistleblower program, promising to increase the number of personnel in the IRS Whistleblower Office by more than 70%.
- Virginia Attorney General Mark Herring announced his state was joining a whistleblower lawsuit seeking to recover $1.15 billion from 13 banks accused of defrauding the Virginia Retirement System.
- Attorney General Eric Holder announced his support for dramatically expanding whistleblower awards under FIRREA.
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