Know A Tax Cheat? Get Paid To Tell The IRS > NetSparsh

Home
>
Tax
>
Know A Tax Cheat? Get Paid To Tell The IRS

Know A Tax Cheat? Get Paid To Tell The IRS

According to the IRS, taxpayers underpay their taxes by some $300 billion. If you know someone that is contributing to that deficit, the IRS may be willing to pay you up to $10 million for the information you provide. The bigger the cheating you report, the more you're likely to receive.

The most important thing to claim your reward is quality documentation. Without documentation of the cheating going on, it's unlikely that the IRS will investigate the charges and thus no money bonus for you. As might be expected, the IRS receives a lot of information that is merely a hunch or because someone is trying to get back at somebody.

If you feel you have information and documentation to back up your report, the IRS would be extremely interested in hearing from you. You can contact the IRS toll free at 1-800-829-0433 if you suspect tax fraud. When contacting them, you'll be expected to provided the following information:

1. Your name or an alias

2. The name and address of the person you're reporting

3. The length the tax fraud has taken place including the years

4. The social security number or Employer Identification Number of the person you're reporting.

5. Any relevant financial records which pertain to the fraud.

6. Any documents or records which substantiate the fraud.

7. The date of birth of the person you're reporting.

The rewards for reporting the tax cheat can be hefty. If the IRS does investigate and recover money from your information, you may be entitled to anywhere from 1% and 15% of the money they recover - up to $10 million. The IRS has a minimum payout of $100 which means any tax cheating reported has to be in the thousands of dollars for any chance of you receiving a reward. For more information on the rewards, you can visit www.irs.gov and look at publication 733 - Rewards for Information Provided by Individuals to the Internal Revenue Service.

Copyright (c) Jeffrey Strain. He is owner of http://www.newtaxdeductions.com - a website dedicated to helping you save money on your taxes.

In The News:

GST Council removes rule that raised tax outgo of large firms LivemintNEW DELHI: Federal indirect tax body, the Goods and Services Tax (GST) Council, has removed the limits placed on companies from February this year on ...

Tax Refunds, Returns End Filing Seasons Near 2018 Pace The Wall Street JournalThe first tax-filing season under the new tax law ended with the number of returns filed and percentage of households with refunds nearly unchanged from last ...

Want to Make Millions and Pay No Taxes? Try Real Estate BloombergQuintReal estate is a cyclical business. Markets crash. Deals sour. But hard landings are rare for a savvy property mogul, thanks to the U.S. tax code. Take Harry ...

Tax season is over. Here's how to make next year's even easier USA TODAYThe April 15 filing deadline has come and gone, but tax planning is hardly forgotten. Rather, this a good time to ponder changes that could shave your income ...

Twitter Pop, Trump Taxes, Alphabet Drones: CEO Daily for April 24, 2019 FortuneGood morning. I confess to being one of the people hawking recession fears at the beginning of this year. And in fact, it seems I did the same at the beginning of ...

Want to Save Your Taxes? Here are Top 10 Investment Options News18The best time to start planning your tax-saving investments is at the beginning of the new fiscal year since that gives time for your investments to compound and ...

Form 16: New format for salary TDS certificate makes it difficult to fudge income, tax breaks Economic TimesThe CBDT has notified a new format for Form 16 – the salary TDS certificate – requiring a detailed break up of tax exempt allowances paid to the employee and ...

You can submit Form 15G/Form 15H even if your total income exceeds tax-exempt level Economic TimesForm 15G/Form 15H is to be submitted to the financial institution usually banks to avoid the deduction of tax.

Trump Tax Returns Request Raises 'Serious Constitutional Questions,' Mnuchin Says FortuneTreasury Secretary Steven Mnuchin again refused to release Donald Trump's tax returns to House Democrats, arguing that the Democrats' stated legislative ...

Angel Tax: big relief for startups with key issues resolved YourStoryThe government's response to ensure startups do not come under the purview of angel tax has turned out to be a big relief for the market.

Income tax, GST offices to remain open on March 30, 31 to facilitate year-end collection Economic TimesTax offices, for both income tax and GST, will remain open on Saturday and Sunday as the departments race against time to meet the revenue collection targets.

My wife and I are senior citizens. Can I claim tax sops for medical treatment under Section 80DDB? Economic TimesMy wife underwent treatment for cancer in 2018-19. The medical expenses were more than Rs 1.5 lakh. Both my wife and I are senior citizens and we don't have ...

Polis, Democrats will seek voter approval to boost nicotine taxes to raise money for education and health care The Colorado SunA last-minute proposal pushed by Gov. Jared Polis and key Democratic lawmakers will ask voters to increase cigarette taxes and add a new tax on nicotine used ...

Still Haven’t Filed Your Taxes? Here, Last-Minute Advice The New York TimesFewer taxpayers than last year had filed by late March. That may be because of the new tax law. “This is the most complicated tax season ever,” one C.P.A. said.

Pence’s Tax Returns, Like Trump’s, Stay Out of Sight The Wall Street JournalVice President Mike Pence has filed three tax returns since taking office, but he hasn't publicly released any of them.

Here's what will happen if you don't finish these 9 tax tasks by March 31 Economic TimesHere are 9 tax-related tasks you should complete before the March 31 deadline to avoid financial hardships.

Coloradans may face 4 spending questions this year. Will new nicotine tax measure overload the ballot? The Colorado SunIf an 11th-hour Democratic effort to raise nicotine taxes debuted Wednesday makes it to the ballot, Coloradans could face as many as four consequential ...

Primer | Why India should avoid wealth tax Moneycontrol.comAll India needs is better compliance with existing tax laws.

Scituate businessman admits to evading $400K-plus in taxes The Providence JournalPROVIDENCE — A Scituate man this week admitted to evading more than $400000 in taxes by falsifying tax returns for 10 years. Billie R. Schofield, 63, pleaded ...

With April windfall, state’s personal income tax revenue for 2018 is booming San Francisco ChronicleThanks to low unemployment and strong capital gains, California's personal income tax revenue for 2018 received through Friday is running about $10 billion or ...

If you haven't filed your taxes yet, here are some last-minute tips CNNTax Day 2019 is here! Whether you want to file for an extension, save money or even find the closest place to buy a stamp, here is your last-minute Tax Day ...

Investors panic as Income Tax seeks details from unlisted companies Economic TimesAn income tax officer said the new details in question are being sought to create a database for future.

Is tracking social media to catch tax evaders a breach of privacy? LivemintThe I-T department is planning to revamp its data collection methods under Project Insight. One of its data sources will be social media, where it will flag a ...

Why that IRS calculator might not be enough to pinpoint your 2019 tax liability CNBCHoping to avoid a tax surprise for 2019? Talk to your accountant before you use the IRS tax withholding calculator. That's because user error and failure to ...

CAs across India request Modi govt to rein in tax officials Economic TimesMUMBAI: Chartered accountants across the country have requested the Prime Minister's office and the Finance Ministry to rein in tax officials who have been ...

Phones4u founder vows to leave UK if Corbyn brings in higher taxes The GuardianJohn Caudwell, the billionaire founder of Phones4u, has vowed to leave the UK for tax-free Monaco if Jeremy Corbyn becomes prime minister to avoid higher ...

Here's what to do if you missed the deadline to file your taxes CNBCIf you missed the April 15th deadline to file your taxes, there are a few things you need to know to avoid some potentially serious penalties and steps you can ...

A Roth 401(k) offers tax advantages. Here's how it works CNBCWhen you contribute to a Roth 401(k), the contribution won't lower your taxable income today. But when you eventually take the money out, similar to a Roth IRA, ...

Unhappy with your tax return? How to prepare for 2019 CNBCYour refund tells only part of the story of how you fared under the Tax Cuts and Jobs Act. If you really want to dig into your taxes, check out your liability.

UK capital gains tax take soars as buy-to-let landlords sell up Financial TimesLandlords of UK buy-to-let property have responded to the government squeezing their returns by selling assets, triggering a bumper 18.6 per cent rise in capital ...

Pennsylvania’s tax on online sales is making millions more than expected. Here’s why. Philly.comThrough the end of the current fiscal year, state officials expect to earn $200 million in sales tax revenue from online marketplaces — nearly four times more than ...

Fact-checking Elizabeth Warren's wealth tax claims CNNWhile addressing a question from CNN's Anderson Cooper on funding free tuition for college, Massachusetts Sen. Elizabeth Warren touted her wealth tax ...

Overall, massive tax overhaul hasn’t hurt home values Washington PostA new report from the New York Federal Reserve sheds light on a question that has been hanging over the American real estate market: Has the massive tax ...

I-T officers tasked with adding more informal sector workers to tax net The HinduAction Plan (2019-20) of Central Board of Direct Taxes also directs I-T department to improve its performance in identifying cases of tax evasion.

Four stages when you need to review tax-saving plans LivemintIdentify your existing investments and expenses before putting more money to save taxes.Have different tax planning strategies when you are single, married, ...

Senate GOP plan cuts income tax rate Minnesota Public Radio NewsThe divide over taxes widened at the Minnesota Capitol Wednesday when Senate Republicans released a plan that differs greatly from those proposed by Gov.

Why Amazon doesn't pay taxes CNBCAmazon paid $0 in federal income taxes in 2018. On top of that, the company also received a multi-million dollar tax rebate from the federal government.

Supreme Court restores all taxes on mobile phone top-ups, wraps up suo motu case DAWN.comThe Supreme Court on Wednesday announced the restoration of all taxes charged by cellular *service* providers on mobile phone top-up cards. Chief Justice Asif ...

Here’s How TurboTax Just Tricked You Into Paying to File Your Taxes ProPublicaProPublica is a nonprofit newsroom that reports on abuses of power. Sign up to receive our best stories as soon as they're published. Did you know that if you ...

Could Harry and Meghan’s child pay US taxes? BBC NewsThe Duke and Duchess of Sussex are expecting their first child and along with the excitement and nerves of being new parents could come an unwanted tax bill.

Direct tax collection falls short, CBDT raises alarm Economic TimesAgainst target of Rs 12,00000 crore, I-T dept has only been able to collect Rs 10,21251 crore as on March 23.

Texas lawmakers promised to rein in school district property taxes. What do their plans actually do? The Texas TribuneThree-quarters of the way into the legislative session, lawmakers are still juggling several proposals to rein in school district taxes, including some that would not ...

Clubbing of income: When you are liable to pay tax on another's income Economic TimesSometimes, a taxpayer may have to pay tax on the income of another person. Clubbing provisions in the I-T Act include reporting such income as the taxpayer's ...

Businesses must pay interest on entire tax liability: Telangana HC BusinessLineOur BureauBusinesses will have to pay interest on entire tax liability, including the part to be paid through Input Tax Credit (ITC), the Telangana High Court has ...

Trump tax plan SALT cap has silver lining for CT The CT MirrorWashington – “Blue” states like Connecticut that fought against the Trump tax plan's cap on state and local tax deductions are now seeing a silver lining – people ...

2 accounting methods to calculate income tax Economic TimesMercantile system of accounting and cash system of accounting are two methods to calculate income tax. Here's what they mean.

Trump’s Taxes Are Fair Game. Just Ask Warren Harding. BloombergThe Teapot Dome corruption scandal resulted in a 1924 law that gives the House Ways and Means Committee authority to demand returns.

Opinion | It’s about time capital stopped being favoured over labour LivemintIn the age of excess and cheap capital, and also in order to prevent excess substitution of labour with capital, we need a fairer capital taxation system.

Here's who's winning under Trump's tax law CNNTax day isn't until Monday, but there have already been some surprises for Americans filing their first income tax returns under President Donald Trump's 2017 ...

Choose the best investment to save taxes under Section 80C Economic TimesYou hardly have three days to make your investment to claim tax deductions under Section 80C of the Income Tax Act. In fact, make that three days. Postponing ...

This April 15, Don't Fall for the Right's Favorite Lie About Taxes Jon Schwarz The InterceptYou've probably encountered propaganda using extremely misleading statistics to claim that the U.S. tax system is soaking the rich. It's not.

Can you claim tax benefit for tax paid on insurance premium? Economic TimesPremium paid for life and medical insurance policies can be used to claim tax benefit under Section 80C and Section 80D of the Income Tax Act. But what about ...

Uber faces proposed ‘IPO tax’ in a divided San Francisco Economic TimesSAN FRANCISCO: Uber Technologies Inc's initial public offering, expected next month, will mean a massive payoff for many employees. In the company's ...

March saw income tax department go on an overdrive LivemintMumbai: Every year in March, the income tax department chases tax collections in order to fulfil targets for the financial year. But this year the department had ...

Nebraska property tax plan on legislative collision course Associated PressLINCOLN, Neb. (AP) — A proposal designed to lower property taxes by raising Nebraska's sales and cigarette taxes appears to be on a collision course in the ...

This company pays $102 billion in taxes, much more than Apple, Alphabet's combined profit Moneycontrol.comSaudi Aramco made a profit of $111.1 billion in 2018. It revealed its financial details ahead of its debut in the international bonds market. (Image: Reuters).

Trump chief of staff vows tax returns will 'never' be released BBC NewsOne of US President Donald Trump's top aides has said that opposition Democrats will "never" see his tax returns. White House acting chief of staff Mick ...

A Brief History Of Income Taxes : Planet Money NPRTaxes have been around forever. But the income tax? In the U.S., it's relatively recent.

How These Fortune 500 Companies (Legally) Paid $0 In Taxes Last Year FortuneAccording to new data, 60 members of the Fortune 500 that made a profit paid no taxes in 2018.

Kamala Harris releases 15 years of her tax returns CNNThrowing down the tax return gauntlet against both Democratic Sen. Bernie Sanders and President Donald Trump, Sen. Kamala Harris of California released 15 ...

As America files its taxes, Trump's only worry is disclosure CNNEdward J. McCaffery is Robert C. Packard trustee chair in law and a professor of law, economics and political science at the University of Southern California.

Soak the Boomers to Save Capitalism BloombergThe intergenerational transfer of wealth is underway. The only question is how the government will manage it.

When $30,000 property taxes hit a little harder CNNIn the wake of recent tax reform, affluent homeowners are paying a lot more attention to their property taxes.

Why you should plan your investments and taxes in April and not March Business TodayThe new financial year (FY) has just begun, and this is the right time to finalise your investments and taxes for FY20. While everyone knows the importance of ...

Bernie Sanders releases 10 years of tax returns, showing how his 2016 presidential run vaulted him into wealth CNNSen. Bernie Sanders on Monday released a decade of tax returns, providing new insight into how the Democratic socialist senator from Vermont became a ...

Shocked by Your Tax Refund? Next Year Could Be Worse Unless You Act Now The New York TimesFewer taxpayers have received refunds so far this year, and refunds are smaller. Now is the time to check your paycheck withholdings.

Trump's tax law to boost incomes more in Republican states: researchers ReutersA 2017 tax overhaul championed by President Donald Trump will cut household taxes more in Republican-leaning states than in states that lean Democratic, ...

No political interference in tax settlement with Anil Ambani's firm: France Economic TimesNEW DELHI: In the wake of reports that it granted huge tax waiver to Anil Ambani's French firm, France Saturday said a global settlement was reached between ...

Exporters under the scanner for claiming tax benefits twice Economic TimesMumbai: Many exporters have come under the taxman's lens for claiming tax credit for the same export twice under the inverted duty structure. Those who have ...

Elizabeth Warren Proposes New Corporate Tax The Wall Street JournalWASHINGTON—Democratic presidential candidate Elizabeth Warren is proposing a new 7% tax on the largest, most profitable U.S. companies, a move that ...

$768 Million Powerball Winner Manuel Franco Has a Giant Tax Bill The Epoch TimesA lucky 24-year-old man who won $768 million in the most recent Powerball win will now face a giant tax bill. Manuel Franco, of Wisconsin, beat the ...

Tax queries: Dividend earned from MFs is exempt from tax Economic TimesDilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.

Face It: You (Probably) Got a Tax Cut The New York TimesStudies consistently find that the 2017 law cut taxes for most Americans. Most of them don't buy it.

I-T dept proposes new norms for taxing MNCs in India Moneycontrol.comThe CBDT committee report has proposed that sales, employees (manpower and wages) and assets in India of a multinational corporations (MNCs) should be ...

Their Tax Rate Is 0% The New York TimesYou should be jealous of Amazon, G.M. and Coors.

California Politicians Hiked Gas Tax, Now Demand Investigation Into State's $4 Per Gallon Gas Prices ReasonAs lieutenant governor, Gavin Newsom supported a 2017 bill increasing the state's gas taxes. When running for governor in 2018, he opposed a ballot initiative ...

Trump's tax cut was a disaster for some Gold Star families, but it's a symptom of a larger problem Task & PurposeThis year's tax code had an immediate financial impact on many Gold Star families, but it may be an indicator of a much bigger problem..

France plans tax cuts to quell yellow vest anger BBC NewsThe French prime minister says cutting taxes must be a priority, in response to a national debate that focused on the yellow vest protesters' grievances. Edouard ...

The income tax returns filing just got more complicated BusinessLineThe revamp of the income tax return (ITR) forms has become an annual ritual and over the years, with the salaried class bearing the brunt of the changes.

Tax preparation: Congress is set to pass a bill making taxes harder Vox.comCongress is set to make it illegal for the IRS to create free tax preparation software, software that could save millions of Americans from wasting their money on ...

Tax evasion of over Rs 1,350 crore detected in raids against co owned by Kamal Nath's nephew Economic TimesNew Delhi: The Income Tax department has detected tax evasion of more than Rs 1,350 crore during search and seizure operations conducted against ...

Why Amazon paid no 2018 US federal income tax CNBCIn 2018, Amazon paid $0 in U.S. federal income tax on more than $11 billion in profits before taxes. It also received a $129 million tax rebate from the federal ...

Best tax software for freelancers 2019 MashableFreelancing isn't all sweatpants and snooze buttons. Well, sometimes it is. But most of the time, it's cabin fever, caffeine withdrawal, fickle cash flows, and fierce ...

Quick tips to make effective last-minute tax planning Economic TimesWith March drawing to an end, there is a rush for tax planning and tax-saving investments among those who missed doing it throughout the year. Poor tax ...

Everyone’s Income Taxes Should Be Public The New York TimesDisclosure of tax payments would make it easier to hold politicians accountable. It also would help to reduce fraud and economic inequality.

From income tax to investment, 5 changes from April 1 Business TodayThe new financial year has just begun, and so has new tax rules that kicked in April 1. As you must be getting on with your tax as well as financial planning now, ...

India-US sign pact for exchange of reports to check tax evasion by MNCs Economic TimesIndia and the US Wednesday signed an Inter-Governmental Agreement for exchange of Country-by-Country (CbC) reports of multinational companies regarding ...

Illinois Gov. Pritzker under federal investigation for tax break on mansion: report Fox NewsIllinois Gov. J.B. Pritzker, along with his wife and brother-in-law, reportedly is under federal criminal investigation for a questionable property tax appeal that has ...

SoFi’s No-Fee ETF Launch Saddles Some Customers With Tax Bills The Wall Street JournalSoFi recently launched two no-fee ETFs, marking its first foray into the $3.9 trillion U.S. ETF market. But the move stands to hit some clients with unexpected ...

Tax on super rich can fund Rahul Gandhi's NYAY, says World Inequality Lab Economic TimesWith debate raging on the implementability of the proposed minimum income scheme by Rahul Gandhi, a Paris based organisation has proposed a simple ...

View: A fair assessment of Good and Services Tax Economic TimesThe GST impact goes beyond revenues and rates of duty. It has transformed our federal polity for the good.

Trump Tax Returns Won’t Be Released Until May 6 After Another Deadline Is Missed The New York TimesWASHINGTON — Treasury Secretary Steven Mnuchin again delayed a decision on whether to turn over President Trump's tax returns to Congress, telling ...

France asks: Should billionaires get tax breaks on Notre Dame donations? CNNLondon (CNN Business) One after the other, France's three richest families opened their checkbooks and pledged a combined $565 million to rebuild the ...

How can Rahul Gandhi's Rs 72,000 promise be fulfilled? Tax the super rich! Business TodayThe minimum income guarantee scheme announced by Congress President Rahul Gandhi promising Rs 72,000 income per annum to 20% families in poorest ...

Meghan, Harry and the royal baby's US tax dilemma CNNAs first time parents-to-be, the Duke and Duchess of Sussex have plenty to worry about already, but thanks to the US tax system, there could be one more thing ...

Taxes on telecom similar to non-essential items like liquor, cigarette: Vodafone Idea CEO Moneycontrol.comThe telecom sector is being taxed like non-essential items such as liquor and cigarette, instead of being treated as a critical infrastructure, according to Vodafone ...

4 Tax Strategies That Could Make a Divorce Settlement Easier The New York TimesDivorce negotiations are never easy, and they became more complicated this year, thanks to the tax overhaul. Here are four tips for taxpayers to consider.

Viewpoint | Resident of two countries – Will it lead to taxation in both countries? MoneycontrolSanjeev Pandit. Can an individual be resident of two countries for taxation? Generally, a person has to pay tax on his world income in the country of which is the ...

Dems clash with Trump officials on subpoenas, tax returns Economic TimesWASHINGTON (AP) — The struggle between House Democrats and the Trump administration over investigations intensified Tuesday as a former White House ...

2019 Tax Deadline: File Your Bitcoin Tax Return – or Else CCNThe IRS tax code is insanely complex. Crypto users will need to navigate through the murky rules and file their Bitcoin taxes by the April 15 deadline.

Know A Tax Cheat? Get Paid To Tell The IRS

Tax Tax