Friday, June 13, 2008
I previously blogged the first $1 billion, and then $2 billion, Tax Whistleblower submissions to the newly created IRS Whistleblower Office, filed by The Ferraro Law Firm (Miami, FL & Washington, D.C.). The firm today announced that it has filed the first $4 billion Tax Whistleblower submission:
Today, The Ferraro Law Firm filed a new record tax whistleblower submission of more than $4.4 billion to the IRS Whistleblower Office. The Ferraro Law Firm has now brought to the U.S. government’s attention dozens of taxpayers who have collectively underpaid their taxes by more than $10 billion. The previous known record submission of $2 billion was also filed by the firm on December 11, 2007. The IRS established the Whistleblower Office in 2007 to collect information about tax cheats and must, by law, pay a reward of up to 30 percent of the amount collected to the tax whistleblower.
In this most recent submission, a tax whistleblower has come forward to allege that a Fortune 500 company has underpaid its U.S. tax liability by more than $4.4 billion, over a short period of time, by engaging in abusive tax transactions.