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December 30, 2011

IRS Whistleblower Program Alive and Well

Did you know that you could turn in your former boss, colleague, business partner, or former spouse to the IRS, and benefit monetarily?  Some say that this could be a blessing, while others simply want to get revenge.  Either way, it is true.  As a tax attorney specializing in representing individuals and businesses in matters with the IRS, I can tell you that it is true and a very realistic opportunity for the right person in the right place with the right information.  So, what is the Whistleblower Program?

In 2006, Congress reformed the IRS Whistleblower Program in the Tax Relief and Health Care Act (" Tax Relief Act").  The Tax Relief Act created a new framework for rewarding whistleblowers for reporting those involved in tax evasion.  Under Internal Revenue Code §7623(b), where taxes, penalties, interest and other amounts in dispute exceed $2 million, and a few other qualifications are met, the IRS will pay 15 percent to 30 percent of the amount collected to the whistleblower.   If the tax evasion case deals with an individual, his or her annual gross income must be more than $200,000.  A reduced award amount of up to 10 percent may be available in cases based principally on disclosure of specific allegations resulting from judicial or administrative hearings, a governmental report, hearing, audit or investigation, or the news media.   

See Nardone Law Group's discussion on the IRS Whistleblower Program by visiting our Frequently Asked Questions page.

 

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« What is the likelihood that I will be audited by the Internal Revenue Service? | Main | What is the Likelihood that I will be Audited by the Internal Revenue Service? »

December 30, 2011

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