Is there a reward for reporting to the irs that someone is cheating on their taxes?
What are the penalties for a fraudulent return?
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Comments (3)
I would imagine that the IRS woul greatly appreciate it if you informed them.
Yes there is a reward for reporting tax cheats
It depends on the amount that the IRS recovers – usually it starts at 10% of the recovered funds and goes up
I once helped process a check in the tens of millions of dollars for the IRS to a party that turned someone else in
Fraudulent return penalties are in at least two parts maybe three.
1. Unpaid taxes
2. Interest on unpaid taxes
3. Penalties on unpaid taxes
4. If a large fraud action – then there can criminal charges with time in jail.
Yes the IRS does offer rewards. The penalty for failure to file and failure to pay is 5%. The interest rates on these penalties and taxes differ from month to month. I think it is 8% right now.
Fraud is a serious charge with the governmnet, and they could prosecute, especially if it is an understatement of income by at least 25%.