Internal Revenue Service Targets Offshore Tax Avoidance
Billions Lost To Offshore Schemes
Whistleblowers Rewarded For Assistance
The U.S. Internal Revenue Service (IRS) has created a special task force of agents dedicated exclusively to international tax enforcement as part of its criminal investigations unit. Whistleblowers with inside information concerning offshore tax avoidance are rewarded for helping the unit crack down on violators. Offshore schemes may violate the Internal Revenue Code (26 U.S.C. §§ 1 et seq.), the Reports of Foreign Bank and Financial Accounts Act (FBAR) (31 U.S.C. § 5314), and the Foreign Account Tax Compliance Act (FATCA) (26 U.S.C. § 1471 et seq.). Whistleblowers receive awards of 15-30% of the amount collected including penalties. I.R.C. § 7623(c). In Fiscal Year 2019, the IRS awarded over $120 million to whistleblowers.
As Gabriel Zucman, an economist at the University of California, Berkeley, put it recently, “Tax havens are at the heart of the financial and budgetary crisis.” Each year, he estimates, 40% of multinational profits are shifted to tax havens and 8% of personal wealth is stashed offshore. Those offshore transfers of profits and income result in billions of dollars in lost tax revenue every year. For that reason, the IRS is making investigations of offshore tax avoidance schemes a top priority in its enforcement efforts, and rewarding whistleblowers for their assistance in those efforts.
If you have information regarding offshore tax avoidance schemes and violations of FBAR and FATCA, the California and San Francisco whistleblower/qui tam attorneys at Evans Law Firm, Inc. know how to present your evidence to the IRS with the best chance for you to receive an eventual reward. Employees are protected from retaliation by their employers for blowing the whistle on tax fraud and our attorneys can represent you in any wrongful termination action as well as in your underlying whistleblower case. See 26 U.S.C. § 7623.
If you have information regarding offshore tax avoidance schemes, violations of foreign bank account reporting requirements, abusive tax shelters, or other tax fraud contact Ingrid M. Evans and the other IRS whistleblower and tax fraud attorneys at the Evans Law Firm at (415) 441-8669, or by email at <a href=”mailto:email@example.com”>firstname.lastname@example.org</a>. Our whistleblower attorneys also handle cases involving bank fraud under the Financial Reform, Recovery, and Enforcement Act (FIRREA/FIAFEA), the Commodities Futures Trading Commission Whistleblower Program, the Securities and Exchange Commission Whistleblower Program, False Claims Act cases, the FINRA Whistleblower Office and the California False Claims Act. We can help guide your case through a jury trial or toward an equitable settlement. We also handle cases involving physical and financial elder abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.