Daily Tax Report Quotes Charles Ruchelman on Including FBAR Penalties in Whistle-Blower Rewards
Daily Tax Report
Charles M. Ruchelman commented on Congress possibly tweaking the IRS's Whistleblower statute after a recent Tax Court decision ruling the Report of Foreign Bank and Financial Accounts (FBAR) penalties under the section in the tax code aren't considered "additional amounts". The Tax Court ruling will likely decrease the number of "claims in the pipeline, unless a different interpretation is given," noted Mr. Ruchelman. He went on to say that "an inclusion of FBAR penalties would help encourage whistle-blowers, because award amounts would likely increase." For the full article, please visit the Daily Tax Report's website (subscription required).