The Ferraro Law Firm has announced that a new tax whistleblower submission of more than $4.4 billion has been filed with the IRS Whistleblower Office. This brings the total of whistleblower claims filed by The Ferraro Law Firm to more than $10 billion.
According to The Ferraro Law Firm, in this most recent submission, a tax whistleblower has come forward alleging that a Fortune 500 company has underpaid its US tax liability by more than $4.4 billion, over a short period of time, by engaging in abusive tax transactions. “In our experience, $4.4 billion is just the tip of the iceberg when it comes to corporate tax underpayments,” said Tax Partner Scott Knott. “Given staffing levels at the IRS, many companies take dozens of aggressive positions figuring the IRS cannot find them all. For many companies, the tax department is one of the most profitable business units,” said Tax Partner Greg Lynam. “This particular multi-national company started with smaller tax plays and became emboldened after it continually got away with it. After today, that will change,” said Knott.
The IRS established the Whistleblower Office in 2007 to collect information about tax cheats and must, by law, pay a reward of up to 30% of the amount collected to the tax whistleblower.
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