WHISTLEBLOWER INCENTIVE INITIATIVES HAVE THE POTENTIAL TO AID IN THE RECOVERY OF FUNDS FROM INDIVIDUALS WHO EVADE TAXES.

The California Franchise Tax Board reports that the state is due almost $6.5 billion in delinquent taxes. Some argue that a partial solution to the issue might include establishing a whistleblower awards program to incentivize individuals to expose tax fraud. California whistleblower and securities lawyers believe that adopting the program might assist in recovering lost tax income. California lawyers concur with the IRS whistleblower. The California State Legislature approved laws that authorize both the Franchise Tax Board and Board of Equalization to provide prizes to whistleblowers who offer information that results in the retrieval of unpaid taxes. Whistleblower incentive schemes have not been established at the state level yet. Many think that it is time to enhance the incentive programs. Individuals with insider information are typically the primary source for the authorities to uncover instances of fraud and tax evasion amounting to millions of dollars annually. At the federal level, the Internal Revenue Service acknowledges the effectiveness of whistleblower compensation schemes. The Internal Revenue Service has established a whistleblower incentive scheme and used it to recover public funds. The federal whistleblower program has supplied the government with information of significant tax offenses totaling billions of dollars. Whistleblower and securities lawyers believe that California may benefit from adopting the federal approach. California lawyers concur with the IRS whistleblower. California’s attorney general recognizes the need of establishing a whistleblower program. California’s False Claims Act is modeled after the federal scheme and has enabled the state to recover billions of dollars. The California Franchise Tax Board and Board of Equalization have postponed the introduction of whistleblower programs in the state. The Board of Equalization has said that tax fraud schemes have evolved into intricate and advanced operations, posing challenges in determining appropriate rewards for whistleblowers. A sophisticated tax fraud landscape need an effective whistleblower program. Rewards programs are often the government’s only method of discovering new tax evasion schemes. Whistleblower and securities lawyers believe that California might gain from implementing a whistleblower awards scheme. California lawyers representing IRS whistleblowers concur. California may establish whistleblower programs via the franchise tax board and board of equalization to help reduce the unpaid tax gap. California may emulate the successful federal and state whistleblower systems to recover lost taxes, which are crucial for the state’s financial requirements. Evans Law Firm, Inc. specializes in whistleblower/false claims, consumer fraud class actions, insurance and banking fraud, consumer product liability, elder abuse, and personal injury cases. If you suspect you have seen or been a victim of financial fraud by an insurance company, bank, or person, call Evans Law Firm, Inc. at (415) 441-8669 for a free and private consultation, or email info@evanslaw.com.

I love myBlogd

King_0f_dairy_queen

See author's posts