UBS has agreed to pay $780 million to settle allegations that it helped thousands of U.S. taxpayers defraud the Internal Revenue Service (“IRS”). According to reports by the Department of Justice, UBS concealed billions of American dollars in accounts held overseas despite requirements to report IRS income and other identifying information for its U.S. clients [...]
Entries Tagged as 'Reporting Tax Fraud'
UBS to Pay $780 Million to Settle Tax Fraud Allegations
February 20th, 2009 · No Comments
Tags: Reporting Tax Fraud
U.S. Tax Court Proposes Amendments to IRS Whistleblower Award Program
June 5th, 2008 · No Comments
On June 2, 2008, the U.S. Tax Court proposed new rules for determining IRS whistleblower awards under section 7263. The proposed rules grant the court jurisdiction over appeals of award determinations and include procedures for commencing a whistleblower award action. Among the proposed amendments are references to actions for redetermination of a whistleblower’s employment status, [...]
Tags: Reporting Tax Fraud
IRS Issues Guidelines for Whistleblowers Reporting Tax Fraud
January 1st, 2008 · No Comments
The Internal Revenue Service released new guidelines for whistleblowers to report tax fraud and possibly claim a reward based on the amount of additional tax, penalties and interest that is owed. Under the new procedures, the award for reporting tax fraud ranges from 15% to 30% of the collected proceeds. To be eligible for an [...]
Tags: Reporting Tax Fraud