IRS Awarded $300 Million to Whistleblowers in 2018

Posted on February 12th, 2019 at 12:05 PM
IRS Awarded $300 Million to Whistleblowers in 2018

From the Desk of Jim Eccleston at Eccleston Law LLC:

According to the Internal Revenue Service’s annual report for 2018, its whistleblower reward program has triggered collections of over $1.4 billion in sanctions from individuals and entities involved in tax fraud and other related violations.

The amount of sanctions issued by the IRS is good news for whistleblowers, as awards have jumped significantly. Moreover, the annual report demonstrated that whistleblowers were paid an average of 21.7% of the proceeds of issued sanctions, resulting in over $300 million directly awarded to whistleblowers.

For example, last year the IRS awarded a whistleblower $13.6 million for providing information that led to the government collecting over $52.6 million in taxes, penalties, and interest in the case.

According to its whistleblower program, the IRS is required to issue a reward to an individual of 15% to 30% of proceeds from tax fraud or tax underpayments if he or she provides specific and credible information. In addition, the information provided to the IRS must relate to tax underpayments of over $2 million (or if the subject of the claim is an individual, his or her gross income must exceed $200,000 for at least one of the tax years in question), and the IRS actually must collect tax underpayments resulting from the action.

Eccleston Law, LLC helps individuals file and document their whistleblower claims with the IRS and with other entities such as the SEC, while maintaining confidentiality. Please contact us for further information.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, irs, internal revenue service, whistleblowers, sanctions, fraud, penalties, underpayments

Return to Archive

TESTIMONIALS

Previous
Next

If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.

LATEST NEWS AND ARTICLES

December 23, 2024
Understanding Alternative Investments and Risk Management

Alternative investments once again are gaining traction, according to a recent article in InvestmentNews

December 20, 2024
FINRA Sanctions Over 60 Advisors for Continuing Education Violations

FINRA has disciplined 62 advisors for cheating on New York’s continuing education (CE) requirements tied to insurance license renewals. 

December 19, 2024
GPB Capital Investors See Progress as Court Confirms Receivership

In a significant development for investors in GPB Capital Holdings, the private equity firm will move into receivership following a prolonged legal battle.