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IRS Offers More Incentives for Tax Whistleblowers
Source:
accountingtoday.com
- Aug 12, 2014
The Internal Revenue Service has expanded its awards to whistleblowers, allowing tipsters to claim a potentially greater share of the proceeds the IRS collects on extra tax revenue.
The final regulations released Thursday provide guidance for the whistleblower award program for information relating to detecting underpayments of tax or violations of tax laws, under Section 7623 of the Tax Code. The regulations provide guidance on submitting information regarding underpayments of tax or violations of the tax laws and filing claims for an award, along with the administrative proceedings applicable to claims for whistleblower awards. The regulations also provide guidance on the determination and payment of awards, and provide definitions of some key terms used in Section 7623.
The regulations also confirm that the director, officers and employees of the IRS Whistleblower Office are authorized to disclose return information to the extent necessary to conduct whistleblower administrative proceedings. The regulations provide needed guidance to the general public as well as officers and employees of the IRS who review claims under Section 7623.
Collected proceeds can include tax, penalties, interest, additions to tax, and additional amounts collected by reason of the information provided; amounts collected prior to receipt of the information if the information provided results in the denial of a claim for refund that otherwise would have been paid; and a reduction of an overpayment credit balance used to satisfy a tax liability incurred because of the information provided.
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Category: IRS
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