The US-based Ferraro Law Firm announced said that the US tax collection agency Internal Revenue Service (“IRS”) has awarded USD 38m to one of its clients for providing information about a tax avoidance scheme perpetrated by one of the nation’s largest corporations.
According to the firm, both the name of the company and the name of the whistleblower have remained completely confidential throughout this whole process, and remain so even after payment of this award, so this large payment by the IRS proves that their program can reward corporate whistleblowers without putting themselves and their jobs at risk.
It added that, while the precise amount of the award was USD 38,037,899, the amount of tax the IRS collected from the company was not revealed. However, by law, the IRS must pay an award of between 15 to 30% of the amount it collected from the tax whistleblower.
Through detailed submissions to the IRS Whistleblower Office, The Ferraro Law Firm said it has brought to the government’s attention taxpayers who have collectively underpaid their taxes by more than USD 100bn.
The IRS established the Whistleblower Office in 2007. For more information on The Ferraro Law Firm’s tax group and tax whistleblower submissions visit www.tax-whistleblower.com.