08 / 30 / 10

Good To Know: Did you know your employees could be rewarded by the IRS for reporting you?

The IRS does have a provision in place that will reward average citizens a 15%-30% reward if they "blow the whistle" on individuals or companies that aren't following the tax laws. If an employee, accountant or even an acquaintance has a suspicion that your company or that you as an individual have underreported income or in some other way evaded the payment of taxes due - the Whistleblower Office has made it easy...and potentially profitable for them to "blow the whistle" on you. So, say you owed the government $50,000 in backtaxes, including penalties & interest. A 30% cut of that pie would be $15,000. Not a bad "piece of the action" for doing something as simple as filling out a form.