×
Wednesday, November 27, 2024

IRS Collects Over $7 Billion Thanks to Whistleblowers - Yahoo Finance

You probably didn’t know that today is National Whistleblower Appreciation Day, but the IRS is celebrating those who raise red flags on cheaters and deceivers by highlighting the billions of dollars collected as a result of their efforts.

The IRS announced this week that since 2007, when its Whistleblower Office was established, it has collected more than $7 billion from non-compliant taxpayers, resulting in rewards payments of more than $1.2 billion for whistleblowers who provided “specific, timely and credible information.”

In fiscal year 2023, the IRS recognized 16,932 award claims. Total tax collections came to $338 million, with whistleblowers receiving awards totaling $88.8 million.

“The IRS appreciates the valuable contributions that thousands of whistleblowers have made to help bolster the fair and effective enforcement of our nation’s tax laws,” said IRS Whistleblower Office Director John Hinman. “Information from whistleblowers continues to be an incredibly effective aid to IRS compliance efforts, and we are committed to improving our whistleblower program.”

The IRS said it is working on a digital hub to enable the submission of whistleblower claims online, which it plans to have up and running by 2025. If it succeeds, it will arrive 238 years after the first whistleblower law, which was inspired by reports of torture of British prisoners of war, was passed by the Continental Congress on July 30, 1778.

Like what you're reading? Sign up for our free newsletter.



Read Full Story: https://news.google.com/rss/articles/CBMifkFVX3lxTE4weC1fNXpEcGpqbVRLT1Y3M2ox...