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IRS, Lawmaker Clash Over Whether Whistleblower Program Extends to BSA Violations
By Colby Adams
printA U.S. lawmaker is questioning an IRS decision not to reward whistleblowers who disclose potential violations of Bank Secrecy Act reporting requirements tied to accounts held at foreign financial institutions. Under amendments made in 2006 to a 145-year-old internal revenue whistleblower program, the IRS can pay informants between 15 to 30 percent of the proceeds recouped for certain tax underpayments identified through their tips. The program, amended by the Extension of Tax Relief Act, sets no limit on the size of reward payments. But in a report published this month, the agency said that its authority to reward whistleblowers did...
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I've always found it offensive when tabloids use terms like "rat" or "squealer" to describe the actions of those who report or testify about criminal behavior. It's no less offensive when one of the terms is used in defense of attorney-client privilege.
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