Intense Focus on Foreign Accounts – Beware the Whistleblower! https://t.co/RrJxDwySuH
— V. La Torre Jeker JD (@VLJeker) December 29, 2014
In addition to all the invasion of privacy we now experience directly via the NSA (phones, internet, email) and indirectly (FATCA, etc-anything with an intermediary involved), we can now count on our fellow family members, friends, co-workers and neighbors to see dollar signs when considering whether to turn us in to the IRS.
Mind you, most of us minnows will not meet the monetary standard for being turned in ($200,000 income per year or taxes, penalties, interest and other amounts in dispute exceed $2 million). However, an image of a much-disliked previous next-door neighbor deliciously phoning the IRS in order to get back at me brought memories of the tv-show The Prisoner as well as the oft-quoted Orwell novel 1984. In this episode, Number 2 is trying to extract “information” from Number 6 (Patrick McGoohan)
What is required in order to obtain an award?
The law provides for two types of awards. If the taxes, penalties, interest and other amounts in dispute exceed $2 million, and a few other qualifications are met, the IRS will pay 15 percent to 30 percent of the amount collected. If the case deals with an individual, his or her annual gross income must be more than $200,000.
The IRS also has an award program for other whistleblowers – generally those who do not meet the dollar thresholds of $2 million in dispute or cases involving individual taxpayers with gross income of less than $200,000. The awards through this program are less, with a maximum award of 15 percent up to $10 million.
All whistleblower claims must be submitted under penalty of perjury.
Individuals must submit information on f211 application for Award for Original Information.
Would anyone with knowledge who did not turn in anyone be guilty of Form Crime?
Or perhaps, our salvation lies in being Whistleblowers ourselves? In case you need instruction, go here.Just imagine, we could meticulously figure out who among us would be the smallest possible victim, adding up the awards as we worked our way up the scale and in the end, fund the lawsuit against CBT!
Hat tip to US Taxation Abroad (@TaxationAbroad)