IRS 101 – Understanding the Disclosure Process
September 8, 2016
Earn 1 Hour of Free CPE
11:00 am Pacific Time
1:00 pm Central Time
2:00 pm Eastern Time
This webinar will:
Celeste Neal, Disclosure Manager
John Quigley, Senior Disclosure Specialist
Registration Link: https://www.webcaster4.com/Webcast/Page/1148/14461
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Needing some help studying for the EA Exams or simply brushing up on changes to tax law? PassKey Publications has released a series of seminar videos that will help you do just that.Each part of the seminar is centered around the subject matter of each of our three books, Individuals, Business, and Representation. The seminars briefly cover all the major highlights relating to tax law, making them a useful supplement to our books.
Since attendance for the seminars was limited, PassKey made a recording so that online customers could also benefit from the information we have to offer. After a period of editing and optimizing, the entire set of videos are now ready for viewing. Amazon Prime users can view the entire set, while others can purchase the individual parts for only two dollars per video. You can find a link to the videos here.
PassKey Publications hopes that this research and information will help bring you success, whether you're a newcomer working to become an EA or a long-time tax professional just wanting to keep up with all the recent changes.
As of August 2016, new policies have been put into place regarding whistleblowers reporting instances of fraud and other illegal tax activity to the IRA. The reporting party will now be entitled to a share of the collected proceeds from the case, including applicable fines, as this article on Accounting Today reports.
This new policy decision was made during the case Whistleblower 21276-13W v. Commissioner, in which a husband and wife reported illegal activity to the IRS. The defendant was found guilty and required to pay fees amounting over $16,000,000. The husband and wife who reported the defendant were initially denied their claim because they had not filed their Forms 211 before the proceeds were collected. The whistleblowers appealed this and the courts determined they were entitled to 24% of the entire amount collected from the defendant. This court decision has made the determination that proceeds a whistleblower is entitled to includes all fines, not just tax restitution. Future cases will use this decision as a landmark.
The precise percentage a whistleblower will get may vary in individual cases. What has been decided concretely is that collected proceeds will be defined as any amount collected by the government from the taxpayer. This may include non-monetary assets. This is good news for any whistleblowers out there who have information to deliver to the IRS. Thanks to this new court decision, anybody with information to report on criminal tax activity may expect a larger reward for their efforts.
The formal documentation on the court case can be found here.