Wednesday, October 17, 2012

Largest ever IRS whistleblower award given to Swiss bank employee

A $104-million IRS whistleblower award has been paid to former Swiss Bank UBS AG employee Brad Birkenfeld. The award is purported to be the largest paid under the IRS whistleblower program. Information provided by Birkenfeld aided the IRS in uncovering tax fraud in offshore accounts, which has resulted in collection of $5 billion so far. The IRS Award Report stated, in part, "While the IRS was aware of tax compliance issues related to secret bank accounts in Switzerland and elsewhere, the information provided by the whistleblower formed the basis for unprecedented actions."

In response, an IRS spokesperson emphasized the importance of the IRS whistleblower program. "The IRS believes that the whistleblower statute provides a valuable tool to combat tax noncompliance, and this award reflects our commitment to the law," the spokesperson explained.

If you have questions about the IRS Whistleblower program, please contact Doeren Mayhew.

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