Law Firm Files First $1 Billion Tax Whistleblower Submission with IRS

The Ferraro Law Firm (Miami, FL & Washington, D.C.) has announced that it has filed the first $1 billionTax Whistleblower submission to the newly created IRS Whistleblower Office:

The submission involves a Fortune 500 company that entered into a series of transactions to improperly reduce its taxes by over $1 billion. The company was represented by Ernst & Young LLP, an established law firm and multiple name-brand banks. The identity of the whistleblower is strictly confidential to protect the individual and the identities of the law firm, banks and company are confidential at this stage to aid in the evaluation of the submission. This submission comes after an E&Y employee pled guilty to one count of conspiracy to commit tax fraud, and four E&Y tax partners have been indicted for their role in the sale of fraudulent tax shelters.