Ferraro Law Firm breaks own whistleblower record

Earlier this week, the Ferraro Law Firm, a trial law firm based in Florida, submitted a tax whistleblower submission of more than $2 billion (yes, with a b) to the recently created IRS Whistleblower Office. The submission is the largest ever made to the IRS Whistleblower Office.

The IRS Whistleblower Office is responsible for assessing and analyzing incoming tips. After determining the degree of credibility of the tips, the office will assign the information to the appropriate IRS office for further investigation.

The allegation at the heart of this most recentt case is that one of the world’s largest companies has underpaid its U.S. tax liability by more than two billion dollars.

Why come forward? A tax whistleblower can receive of between 15% and 30% of the amount the IRS collects as a result of their information if the information provided is substantial. Yep, that means that the reward if this suit pans out could be a whopping $600 million. Not bad, huh?

Of course, not all whistleblower suits are in the billions. The IRS Whistleblower Office will also process tips received from individuals who spot tax problems in their every day workplace.

So, which company is it? Nobody’s saying - yet. But you can bet that if it’s significant enough, we’ll hear about it.

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IRS, tax, tax evasion, whistleblower, Ferraro Law Firm