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.
Paul Neiffer, Updated 2013 Estate and Gift Tax Inflation Adjustments
TaxGrrrl, IRS Issues Warning On Fake Web Site
Trish McIntire, TIGTA on Currently Not Collectable Cases
Robert D. Flach, MY TAKE ON THE DOMA SAME-SEX MARRIAGE ISSUE
Brutal Assault on Reason Watch:
Martin Sullivan, Cantor Rejects Most of Bowles-Simpson (Tax.com)
Buy ‘em if you smoke ‘em if you live in Missouri. Missouri Considers Quintupling Its Cigarette Tax (Tax Policy Blog)