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:

Taxes in US Are Low Overall But Not for High Earners BloombergHigh, progressive income taxes and low consumption taxes add up to a system that generates lots of complaints and not so much revenue.

The 70 Percent Solution: What Are Taxes For? BloombergQuint(Bloomberg Opinion) -- Representative Alexandria Ocasio-Cortez's proposal to tax income above $10 million at 70 percent has generated a lot of debate.

China to cut taxes, keep policy flexible to counter slowdown Economic TimesChina plans to slash taxes, step up spending and provide ample financing to private and small enterprises to help counter the country's worst slowdown since ...

Startups may soon get shield against angel tax demons Economic TimesNEW DELHI: India is likely to soon announce concessions to shield startups from the so-called 'angel tax', including relief from levies on past investments as ...

Section 80C limit: Should you use only life insurance to save taxes? Moneycontrol.comIt is not mandatory to save tax 'only via' insurance. Combination of other investment products (PPF, ELSS, etc.) will produce better results for you and your ...

These shutdown hurdles could mess up your tax refund CNBCYou have two weeks until tax season opens, and the partial federal government shutdown is still ongoing. While the IRS says you will get the refund you're owed ...

Will interim Budget 2019 reduce your tax? Economic TimesRumours are rife that the government will try to woo the middle class with major tax cuts in its last Budget before the polls.

Taxman issues prosecution notices to MNCs to meet steep revenue targets Economic TimesTax officials have issued prosecution notices to directors of several multinationals, intensifying their pursuit of collections with a view to meeting steep revenue ...

What to know before you take an advance on your tax refund CNBCFurloughed workers and consumers worried about shutdown-related refund delays may find it more tempting this year to use so-called refund anticipation loans.

How To Save Taxes under Section 80C in 2019? MoneylifeJanuary is the start of a new calendar year; but for many people, it is also the start of the search for a tax-saving product for the current financial year.

IRS recalling 46,000 workers to handle taxes 13abc Action NewsThe Internal Revenue *Service* is recalling about 46000 of its employees furloughed by the government shutdown - nearly 60 percent of its workforce - to handle ...

Keki Mistry calls for lower taxes to end black money Economic TimesMUMBAI: There is a need to bring down the tax rates from the current high levels as it will help in improving revenue collection and reduce black money ...

Government unlikely to ratchet up property taxes The Irish TimesChanges to existing regime likely to be 'moderate'

Budget 2019: Why there is a strong case to lower income tax rates in India The Financial ExpressOn a practical basis, there are many reasons why there should be further easing of both the income tax rates as well as the exemption limits.

State of taxes in Westchester County: 2019 a year of uncertainty The Journal News | LoHud.comWill Albany approve Westchester County's requests for new revenues?

Your income tax return will soon be processed in one day; Infosys to develop integrated e-filing system Economic TimesInfy will develop a new income tax filing system for Rs 4241.97 cr, cutting down processing time for returns.

Here is how to maintain tax discipline in the last quarter of the fiscal Moneycontrol.comDo timely submit the proof of any tax saving investment you have made or deduction you are eligible to, so that excess deduction of taxes doesn't take place.

GST net: Spotting tax evasion easier under new regime The Financial ExpressAs a multi-stage levy, the goods and services tax (GST) was supposed to make evasion difficult, but the figures for the first nine months of the current fiscal show ...

I-T department wants Kannada film fraternity to pay taxes The News MinuteThe Income-Tax (I-T) department will soon hold a meeting with the Kannada film industry fraternity on the need for paying taxes and filing returns, a top official ...

9 Tax Credits You Need to Know Motley FoolHere are the must-know details behind nine of the most popular tax credits available in the United States.

Tax Cut Is Better (for Companies) and Worse (for Everyone Else) BloombergPresident Donald Trump and the Republicans' tax cut is proving to be vastly more generous for corporate America, and vastly more expensive for taxpayers, ...

Alexandria Ocasio-Cortez has kick-started the Democratic tax debate with her 70% marginal rate idea CNBCAfter three decades with top rates below 40 percent, a big hike from today's 37 percent poses risks politically and perhaps economically.

Murphy hungers to hike your taxes New Jersey 101.5 FM RadioTRENTON — When he was running for governor, Phil Murphy was up front about his progressive agenda, and warned it came with a cost. Since he took office, ...

Top Court Informed Of Assessment Order On Rahul, Sonia Gandhi's Taxes NDTV NewsThe Income Tax department informed the Supreme Court Tuesday that an assessment order (AO) with respect to the tax of Rahul Gandhi and Sonia Gandhi for ...

How to use home loan and rental outgo to save income tax Moneycontrol.comA taxpayer can claim deduction of the amount paid towards repayment of the home loan from his income. Such loan must have been borrowed from specified ...

How Google Dodges Paying Taxes In South Africa 2oceansvibe NewsGoogle is happy to take money from South Africans for ads. They aren't happy to pay tax on it, though, which is why they're finding creative ways around it.

From sliced bagels to cess on cow welfare: Unusual taxes people pay around the world Moneycontrol.comIn Switzerland, those who wish to get a pet need to pay taxes, which has to be paid annually and varies in each municipality.

Budget in a minute: The different types of taxes that earn government revenue Moneycontrol.comThe government's primary sources of revenue are direct and indirect taxes. In the run-up to Budget 2019, Gaurav Choudhury, Deputy Executive Editor at ...

Multinational corporations asked to pay 15% higher tax on ad spend Economic TimesThe tax department has increased demand on advertising, marketing and sales promotion (AMP) expenses of multinationals by about 15%, said people with ...

Federal shutdown means tax refunds may be delayed CNBCAccountants are worrying about the prospect of an extended federal shutdown as tax season approaches. That means there's a possibility that tax refunds may ...

Alexandria Ocasio-Cortez has a plan to tax the wealthiest Americans 60% to 70%, and it highlights a detail about taxes most people get wrong Business InsiderAlexandria Ocasio-Cortez's plan to tax the richest Americans offers a prime example of how the progressive tax system works in the US.

Furloughed federal workers get extension on taxes, water bills in Ferndale Detroit Free PressFerndale joins Wayne County in offering aid to furloughed federal workers.

State of the State: Cuomo proposes major change to STAR tax rebate program Rochester Democrat and ChronicleHomeowners earning between $250000 to $500000 a year would get a check back for their STAR rebates to help pay for school taxes.

SBI Tax Saving Scheme: How to invest, how much you may invest and save in taxes The Financial ExpressLooking for investment instruments to save tax? Check out how SBI's tax saving scheme can help you.

Should I invest in NPS to save more taxes? Economic TimesI have already invested in LIC and other tax saving schemes under Section 80C. I have two ELSS investments as well. I wanted to know if I should also invest in ...

Confusing U.S. Tax Laws Lead to $5 Billion In Unrealized Crypto Losses newsBTCNew data reveals that only 34% of the losses U.S. Bitcoin and crypto investors saw in 2018 have been realized, suggesting Americans are confused by tax law.

How to win public support for a global carbon tax Nature.comSurvey shows charges on emissions could be popular if revenues are given back to citizens, find Stefano Carattini, Steffen Kallbekken and Anton Orlo.

The Democrats’ Latest Idea on Taxes Will Only Help Trump BloombergA top marginal income tax rate of 70 percent is bad economics and even worse politics.

White House promises tax refunds will go out, but there's hardly anyone at the IRS to do the work CNBCA Trump administration official said Monday that federal income tax refunds would indeed go out despite a large part of the government being shut down.

For Tax Purposes, ‘the Rich’ Are People Who Earn More Than You Do BloombergRecent history shows that when rates go up, more high earners get to be classified as “middle class.”

Bend Bulletin Owners Behind On Taxes And Local News Coverage Hangs In The Balance OPB NewsEditor's Note: OPB reporter Emily Cureton worked for a newspaper owned by Western Communications between 2011 and 2015. Call all seven newspapers ...

Prosecution notices sent to MNCs increase as tax sleuths rush to meet target Times NowNew Delhi: Tax sleuths have reportedly sent prosecution notices to directors of several multinationals, increasing their efforts of collections in the light of meeting ...

Mills' vow not to raise taxes puts her at odds with some Maine Democrats and their allies Bangor Daily NewsGood morning from Augusta. Gov. Janet Mills has said she won't call for higher taxes in her first two-year budget proposal. She also wants to spend more to work ...

Tax Refund Schedule: When Will You Get Your IRS Tax Refund in 2019? TheStreetAs tax season approaches, many wonder when they'll get their tax refund. When can you expect a possible refund from the IRS?

Angel Tax: Government, Babus Not In Sync With India's Start-Up Story, Says R Chandrashekhar NDTV NewsThe country's tax laws have some of the biggest names in its tech start-ups worried. Rajan Anandan of Google, along with ten other signatories including ...

Beshear files for governor, urges opponents to release taxes WKYTKentucky Attorney General Andy Beshear has officially filed to run for governor, calling on his Democratic opponents to release their tax returns ahead of the ...

Here's How U.S. Businesses Actually Used Their Tax Cuts BloombergRepublicans predicted a growth explosion while Democrats warned of fat-cat investors. Both sides were wrong.

Opinion | Why expanding India’s direct tax net is relevant LivemintIt is trapped between nations that get a lot of foreign aid and the ones with strong tax collections.

Ficci for cut in corporate tax rate in Budget Economic TimesNew Delhi: Industry chamber Ficci Sunday recommended the government to cut corporate tax rate across the board to 25 per cent irrespective of turnover in the ...

Venezuela Decrees Crypto Operators Must Pay Taxes in Cryptocurrencies Bitcoin NewsThe Venezuelan government has published a decree requiring taxpayers with crypto operations in the country to pay their taxes in cryptocurrencies. Similarly ...

Budget in a minute: What is non-tax revenue? Moneycontrol.comGaurav Choudhury, Deputy Executive Editor at Moneycontrol explains all you need to know about non-tax revenue and major sources of government for such ...

Rethinking Carbon Taxes National ReviewFor years, advocates of a carbon tax have insisted that they'd ultimately win over the general public, usually by using carbon tax revenue to offset other taxes or ...

Your 2019 Guide to Tax Deductions The Motley FoolHere are all of the tax deductions still available to American households and the requirements for claiming each one.

Maximise tax savings using health insurance for yourself and family Moneycontrol.comPayments made towards health insurance premiums are also eligible for tax deductions under section 80D of the Indian Income Tax Act.

Budget 2019: Expect no big surprises, taxes may stay where they are as GST has put a block on most... FirstpostBy dragging the Budget announcement one month earlier to February, technically taking a call on the revised budgeted numbers makes less sense as while 10 ...

Taxman on a refunds spree as income tax returns hit record high in FY19 Economic TimesNEW DELHI: The current fiscal year is likely to be a watershed for income tax compliance and the tax department is returning the favour with quick refunds.

IT industry seeks clarity on tax provisions for BPO, KPO services, quashing of angel tax Economic TimesNEW DELHI: IT industry body Nasscom has urged the government to clarify tax provisions that treat BPO-KPO services as intermediaries under GST rules, and ...

Focussing on improving compliance, identifying areas which have escaped tax net: Revenue Secy Times NowNew Delhi: The government is looking at bringing untaxed sectors in the tax net as well as improving compliance to raise the tax-to-GDP ratio, Revenue ...

40% property owners in Bengaluru don’t pay tax Times of IndiaBENGALURU: Owners of two out of every five properties in the city continue to avoid paying the stipulated property tax promptly, according to BBMP off.

NPS investment proof: How to claim income tax deduction LivemintAn NPS subscriber can also download the receipt of voluntary contribution made in Tier I account by logging into his/her account.

Denmark's Tax Agency to Collect Information About Bitcoin Traders Bitcoin NewsDanish tax authorities will soon be going after cryptocurrency traders in the country and beyond. The plan is to collect data from local bitcoin exchanges Danish ...

Miami Woos New York Homebuyers Fleeing Over Tax Law BloombergBack in the go-go days, Florida real estate executive Daniel de la Vega and his team crisscrossed Latin America wooing clients. These days he's taking ...

Macron Government on Tenterhooks as New Tax Regime Takes Effect News18The move, which will only affect the 43 percent of households liable for income tax, brings France in line with most Western countries but comes at a critical ...

Middle class got ₹2 lakh-crore tax rebate annually during Modi regime, says Jaitley BusinessLineFinance Minister Arun Jaitley on Friday said the government has given ₹2 lakh-crore tax benefit annually to the middle class without a single tax being raised.

India’s Goods and Services Tax regime isn’t the disaster it is made out to be Scroll.inThe new system will impose transition costs in the short term but increase the number of taxpayers in the long run and boost tax revenue.

Google shifted $23bn to tax haven Bermuda in 2017, filing shows The GuardianFirm used Dutch shell company in move known as 'double Irish, Dutch sandwich' that cuts its foreign tax bill.

Sukanya Samriddhi , PPF, NSC and other post office savings schemes that offer income tax benefits LivemintNew Delhi: Many post office savings schemes offer income tax benefits to investors. Post office offers nine savings schemes and some of them qualify for income ...

These Post Office Saving Schemes Offer Income Tax Benefits NDTV NewsPost office Saving Scheme: Using these saving schemes, an investor can claim a deduction up to Rs 1.5 lakh in a financial year from taxable income under ...

Education Loan Guide: From Income Tax exemption to interest rate rebate, know these top points before borrowing the amount Zee BusinessEvery parent wants their child to study in renowned institutions for higher studies and to be successful in life. The fee of management courses like MBA, ...

Tax Deductions That Went Away This Year InvestopediaHere are the tax deductions that went away with tax reform.

Overstock to Pay State Tax in Bitcoin, First U.S. Company to Do So FortuneOnline retailer Overstock announced it would pay a part of its Ohio state business tax using the famous digital currency.

Confederation of Indian Industry seeks corporate tax cut, higher I-T slab Economic TimesNEW DELHI: The Confederation of Indian Industry (CII) has sought a reduction in corporate tax as well as rise in income tax slab to benefit both corporates and ...

China outlines tax cuts to stimulate economy Financial TimesChina will cut value-added tax rates for selected industries and provide tax rebates for others as part of its efforts to boost a slowing economy.

Tax queries: My wife is currently studying. Can I claim I-T deduction on tuition fee that I pay for her? Economic TimesDeduction under Section 80C is allowed only for the tuition fee of only up to two children, provided their educational institution is situated within India.

How LTCG tax will be calculated on shares where STT is not paid Economic TimesYou will need to justify the cost and purchase date of these shares through documents like physical share certificates, bank statements, demat account ...

Tax changes in 2018 that have affected your personal finances Economic TimesHere are some of the important tax changes directly impacting your personal finances that came into effect this year and the dates when they became effective.

Tax optimiser: Chandramouli can cut tax by Rs 83,000 via NPS, tax-free perks Economic TimesBangalore-based IT professional T. Chandramouli pays a very high tax because his pay structure is not very tax friendly. A good 15% of his income goes up in ...

Conservative tax advocate says most Americans have never paid high marginal tax rates | TheHill The HillConservative tax advocate Mattie Duppler challenged Rep. Alexandria Ocasio-Cortez's (D-N.Y.) idea to raise the marginal tax rate on the wealthy, saying on ...

Best tax saving option for FY 2018-19: Here's a comparison of top 10 instruments Economic TimesSiva Rao bought a life insurance policy a few years ago to save tax. But now that he pays a fat home loan EMI, Rao finds it difficult to *service* the Rs 1 lakh ...

Google South Africa’s tax mystery MyBroadbandOne question Google South Africa hates to be asked is whether it pays tax in South Africa.

Why we need a carbon tax RTE.ieWe urgently need to reduce our fossil fuel addiction and there is past evidence that taxation can encourage us to invest in energy efficiency.

Marijuana in New York: Here's how Andrew Cuomo plans to legalize, tax it Rochester Democrat and ChronicleThe Democratic governor unveiled his plan to allow adults use recreational marijuana in New York.

CII for doubling income tax exemption to Rs 5 lakh, hiking 80C deduction limit in Budget 2019 Economic TimesNew Delhi: Industry chamber CII has urged the government to double the income tax exemption threshold to Rs 5 lakh and increase the deduction limit under ...

Bringing back the local in the national tax regime LivemintA single GST rate of 12% would work if the centre and states share 1/6th of this with local bodies, leading to an urban revolution.

Republicans prepare for Democratic request for Trump's taxes CNNRepublicans are bracing for the moment House Democrats formally request President Donald Trump's tax returns, attempting to fully understand the scope of a ...

Income Tax Changes In 5 Years: Key Things To Know NDTV NewsFinance Minister Arun Jaitley has announced a slew of changes in income tax rules in Union Budgets from 2014 to 2018. With general election due by May this ...

Jokowi Challenger Moots Tax Cuts to Stimulate Economy BloombergQuint(Bloomberg) -- Indonesian presidential candidate Prabowo Subianto is proposing deep tax cuts to stimulate Southeast Asia's largest economy, copying the ...

Tax Queries: Long-term capital loss can only be set off against LTCG Economic TimesDilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.

Florence hikes sales tax 1 percent | Local News Times DailyFLORENCE — The City Council unanimously approved a 1-cent sales tax increase Tuesday with the goals of increasing police and firefighter pay and ...

Income Tax Return Alert: Don`t face salary cut! Get these documents ready fast Zee BusinessIs your salary in the income tax bracket? here's an important information you. This is the high time for you to get your investment documents ready in one place.

US Bitcoin Investors Lost $1.7 Billion in 2018, 61% Unaware They Can Claim a Tax Deduction CCNAccording to a report from Credit Karma, US bitcoin investors who decided to exit the bitcoin market lost $1.7 Billion. Unrealized losses, belonging to those who ...

Travelling to Japan? Your trip just got more expensive, thanks to a goodbye tax India TodayGovernment of Japan just implemented a new Tax, known as the Sayonara Tax due to which one will have to pay 1000 Yen for leaving the country.

Income Tax standard deduction for FY 2019-20: How much tax you will have to pay explained Zee BusinessIncome tax deduction 2019-20: Budget preparation is going on.

Beware of LTCG tax while recycling your ELSS mutual funds Economic TimesMutual fund advisors call it a bad habit, but some mutual fund investors cannot help recycling their ELSS or tax saving mutual fund investments at regular ...

As Big Retailers Seek to Cut Their Tax Bills, Towns Bear the Brunt The New York TimesWAUWATOSA, Wis. — With astonishing range and rapidity, big-box retailers and corporate giants are using an aggressive legal tactic to shrink their property tax ...

Tax breaks OK'd for new apartments at Dey's Plaza in Syracuse syracuse.comThe owners of Dey's Plaza in downtown Syracuse plan to convert vacant office space in the building into 23 apartments. (Rick Moriarty ...

Tax structure in Harbour Grace not changing for 2019 The Western StarHARBOUR GRACE, N.L.. Harbour Grace residents can expect to see very little change on their tax bills for 2019 compared to the previous year.

Four Hajipur firms face action for evading taxes Times of IndiaPATNA: The vigilance wing of commercial taxes department is likely to act tough against four Hajipur-based shell firms for their alleged involvement i.

Real Estate Investors See Riches in a Tax Break Meant to Help the Poor BloombergQuint(Bloomberg) -- In a former warehouse on a dimly lit street in the South Bronx, developers sipping Puerto Rican moonshine listened as a local official urged them ...

Will startups be rid of angel tax demons? CBDT to clarify Economic TimesCBDT could issue a notice that lifts the threat of angel levy and associated penalties hanging over startups.

Know A Tax Cheat? Get Paid To Tell The IRS

Tax Tax