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Some assume auditors are the main ones to find financial fraud, but not this time. Recently, three individuals filed with the IRS Whistleblower Office to help uncover a large tax evasion scheme. The money owed? $263 million from a single tax evader. And according to IRS policy, up to 30% of that goes to the qualified "whistleblowers" who voluntarily provided information to tip off the agency.
Claims paid by the IRS last year to individuals who reported crimes and fraud totaled $88.8 million. The year before, that number was $37.8 million; so perhaps it’s time for you to take a look at this program.
Do you know any tax crooks?
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According to a law firm that has handled several whistleblower cases, the IRS Whistleblower Office has been “one of the strongest anti-fraud award programs available" for over 15 years.
But why do we have it?
Congress required the IRS to set up the Whistleblower program to pay whistleblowers their dues: rewards for cases that result in a collection of taxes, penalties, or other amounts owed to the IRS. (Granted, you must meet certain eligibility requirements first — more on that later).
If the investigation results in a collection, 15-30% of...
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