Whilst whistleblowing never pays off, there’s one particular case where whistleblowing could pay off considerably. The Internal Revenue Service (IRS) is not only focused on collecting taxes, but the IRS is willing to pay Americans thousands or even millions of dollars for assisting with uncovering tax fraud. As per the IRS Whistleblower Program, individuals who can give credible and detailed information about citizens evading tax could earn between 15% and 30% of the amount the IRS collects as a result of their tips. While the reward is great, many Americans remain clueless about this program, yet they have valuable information that allows them to qualify for the compensation.
The IRS Whistleblower Program was created under the Tax Relief and Health Care Act of 2006, so that whistleblowing on tax fraud could become more structured and rewarding. While earlier whistleblower efforts failed, the revamped program ensured that compensation could be guaranteed if certain conditions were met.
Whistleblowers who wish to qualify for a reward must submit Form 211 to the IRS with credible information of an individual or business that underpaid taxes by at least $2 million. The submitted form does not only make mention of taxes only, but it is also related to penalties and interest too.
When reporting individual taxpayers, the rule is that the taxpayer should have earned at least $200,000 in gross income for the year in question. When the IRS...
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