The island of Jersey off the coast of France is being developed as the first location financed by Bitcoin currency. Although the island has a British Crown dependency, it is not part of the UK or the EU and it is self governing.
Bitcoin, a kind of virtual currency, is now accepted as a form...
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Category: IRS Whistleblower
Americans stashing funds abroad to face broad-powered law effective July 1
As of July 1, any Americans trying to stash funds abroad to evade taxes will be faced with a comprehensive new law which requires banks, funds and other financial institutions around the world to report assets held by American clients or face a damaging 30% witholding tax.
So far more than 77,000 financial institutions have...
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New report: IRS whistleblowers paid $53 million in 2013
A report by of the Internal Revenue Service (IRS) to Congress says the IRS paid whistleblowers a total of $53 million in 2013 for turning in people who cheated on their taxes.
The report titled "Fiscal Year 2013 Report to the Congress on the Use of Section 7623" says in its executive summary that the...
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International financial whistleblowers coming to America for Major IRS and SEC rewards
The IRS and Securities and Exchange Commission are finding unusual sources of information--international financial whistleblowers who are revealing enormous amounts of sensitive information about banks and large corporations that are evading taxes and defrauding investors and stock holders. The new breed of whistleblowers are sophisticated enough to know that they can reveal information under...
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Whistleblower primer: which corporations are tax evaders and which aren’t?
When you start with knowledge that every dollar of tax evasion is borne on the backs of the rest of the United States citizens, the issue of tax evasion becomes more prominent. As time passes and budget belts tighten perhaps then the IRS will awaken to the need to energize its whistleblower program to...
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IRS whistleblower primer: how illegal tax shelters work
Now that the new IRS whistleblower program has ramped up and is issuing rewards to whistleblowers who reveal major fraud, including one $104 million reward last year, people are coming forward to reveal efforts to evade taxes through tax shelters. Indeed, this may be the most fertile ground for whistleblowers. An illegal tax shelter...
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Apple Corp’s avoidance of 74 billion in taxes using offshore subsidiaries under scrutiny
While Tim Cook, CEO of Apple denied to Congress that it is the nation's largest tax avoiders, it is clear from a new report released by the Senate Permanent Subcommittee on Investigations that apple has been using a device called "Transfer Pricing" to lower its taxes. The company is holding 102 billion in one...
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IRS paid record $125 million to whistleblowers in 2012: report
According to a report just released by the Internal Revenue Service (IRS), the agency paid a record $125 million to whistleblowers who provide evidence of tax cheating. That sum included a payment of $104 million to a former employee of Swiss bank UBS. The number of new whistleblower submissions to the IRS rose to...
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UBS whistleblower who received $104 Million sues his lawyers saying they blew the case
Bradley Birkenfeld, who received an award of $104 million for revealing tax evaders, claims he went to prison because his lawyers failed to secure whistleblower protections for him. He has now sued his former law firm claiming that they falsely held themselves out as experienced in federal whistleblower laws and procedures. Among their mistakes,...
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Whistleblower awarded $38 million from IRS for revealing tax evading company
The United States Internal Revenue Service (IRS) has awarded $38 million to a whistleblower informant for revealing tax fraud by a large corporation according to his lawyers. According to counsel the IRS could have collected up to $250 million based on the law under which the claim was brought. Last month another whistleblower of...
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