IRS WHISTLEBLOWER AWARDED $38 MILLION11 / 11 / 2012
IRS Whistleblower Receives $38 Million Reward (October 29, 2012)
A Whistleblower attorney, Scott A. Knott, of the Ferraro Law Firm, is announcing that a whistleblower who provided information on a corporate tax avoidance scheme at a Fortune 500 company has received a reward of $38 million. Mr. Knott reports that the award included a reduced withholding agreement that took into account the above-the-line deductions for attorney fees, apparently the first of its kind. Any practitioner addressing whistleblower rewards will want to address withholding issues, though not mentioned in Section 7623 of the Internal Revenue Code. Source: Tax Notes Today, 2012 TNT 209-5.