IRS ISSUANCE OF FIRST WHISTLEBLOWER AWARD IMPORTANT START

The Internal Revenue Service announced the issuance of its first whistleblower award under a recently enacted law allowing individuals with new information about tax evasion to receive upto 30% of moneys collected by Uncle Sam if the evasion exceeds two million dollars.The first whistleblower award $50,000 although small, is a critical first step in a program that is expected to recover the government hundreds of millions of dollars of evaded taxes from offshore accounts, companies mis-allocating employees as independent contractors; under-reporting earnings, non-rporting of illegal earnings (drug money) and lots more. The amount of corporate financial fraud is so great now that the question is no longer whether major multinationals are committing tax fraud, the question is how much and when will someone with inciside information come forward. Now, the rewards are large enough to incentivize turning in the cheaters. Its about time.