February 19, 2013
The IRS has proposed a new regulation that may prevent whistleblowers who identify tax fraud from receiving an award if the information provided a whistleblower overlaps with an audit the IRS is already conducting.
The proposed regulation would also narrow the definition of a “related action” for purposes of issuing whistleblower awards under the IRS whistleblower program.
The IRS is required to consider public comments and requests for public hearings on the proposed regulation, which must be received by February 19, 2013.
For full story visit regulations.gov
February 14, 2013
The Wall Street Journal
In its 2012 annual report to Congress, the IRS disclosed that it paid $125.4 million in tax whistleblower awards in fiscal year 2012, which is over 20% of the $592.5 million it collected in previously unpaid taxes due to information supplied by whistleblowers. The IRS issued 128 awards during the year. The largest was $104 million, made to a former banker at UBS who provided information about how UBS helped U.S. clients cheat on their taxes. The IRS also disclosed that there are 1,126 cases presently at various stages of investigation. The full annual report is available here.
For full story visit The Wall Street Journal