Tax Roundup, 10/29/2012: $38 million whistleblower. Sandy loom. And Mason City Madness!

October 29th, 2012 by Joe Kristan

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What’s the highest-paying instrument? It just might be the whistle.  Tax Analysts reports ($link) that a corporate whistleblower has won a $38 million bounty for informing the IRS of a tax avoidance scheme by a taxpayer said to be a member of the Fortune 500.  The corporation doesn’t know who the whistleblower is.  More from the Wall Street Journal.


Here comes the Frankenstorm. If you are anywhere near the east coast, TaxGrrrl has some great advice on backing up business records ahead of Sandy.
Federal tax news may be pretty skimpy as Washington is likely to be shut down the next few days.


Mason City!  Today is the first day of the first session of the ISU Center for Agricultural Law and Taxation Farm and Urban Tax School.  There are eight sessions, and spaces, while filling up fast, are still available.  Sign up today!


Have a nice day: “Anyone who has filed a tax return in South Carolina from 1998 through 2012 may have had their Social Security number, credit card number or debit card number compromised by the data theft.” (William Perez)

Russ Fox,  Bennett Gets 15 Months:

Michael Bennett, a former NFL player with the Minnesota Vikings and Oakland Raiders, received 15 months at ClubFed last week. Mr. Bennett got involved with a fraud scheme that was tangential to an identity theft/tax refund scheme.

Mr. Bennett went to a check cashing store–a sting operation set up by the FBI–and asked for a loan showing $9 million of collateral in a bank account with UBS. The account was actually empty, and that’s fraud.

Whatever they teach college football players, it apparently doesn’t include personal finance.

Kay Bell,  States, individual taxpayers haunted by tax hackers and phishing scam artists

Paul Neiffer,  Updated 2013 Estate and Gift Tax Inflation Adjustments

TaxGrrrl,  IRS Issues Warning On Fake Web Site

Peter Reilly,  Balanced Budget And Comprehensive Tax Reform Made Simple ? The Automated Payment Transaction Tax

Trish McIntire,  TIGTA on Currently Not Collectable Cases



Brutal Assault on Reason Watch: 

Anthony Nitti, The Definitive Voter’s Guide To President Obama’s and Mitt Romney’s Tax Plans

Patrick Temple-West,  Essential reading: Treasury says firm with ties to President discussed tax break, and more

Martin Sullivan,  Cantor Rejects Most of Bowles-Simpson (


Buy ’em if you smoke ’em if you live in Missouri.  Missouri Considers Quintupling Its Cigarette Tax (Tax Policy Blog)