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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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IRS Pays Makes First Whistleblower Payment
The IRS has made its first payment under its whistle-blower program that it established 4 years ago. For his efforts, the whistle-blowing accountant received an award of $4.5 million.
As told by the whistleblower’s lawyer, Eric Young, his client reported evidence of a tax fraud committed by his employer, a Fortune 500 financial services firm. After the company declined to report the liability, the accountant took the information to the IRS. The IRS determined the company's tax liability to be in excess of $20 million. The whistle-blower's take was 22% of the recovery, but - get this - the reward was reduced by 28% because the IRS wanted to hang onto what would be owed in taxes.
Whistle-blower and Tax Offender Remain Anonymous. Young won’t divulge the name of his client or the firm, saying that his client wants to continue working as an accountant and fears retribution if he is outed.The bounty-payment system at the IRS was launched 4 years ago but had yet to pay out a cent to whistle-blowers. Under the IRS program, tax whistle-blowers are allowed to claim 15% to 30% of the proceeds in enforcement actions worth more than $2 million or involving taxpayers with annual gross income of more than $200,000. [Associated Press, 4/9]
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