Accountants as Whistleblowers: IRC 7623, Confidentiality Considerations, Protections, Matters Qualifying for Awards

A live 110-minute CPE webinar with interactive Q&A

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Thursday, January 12, 2023

1:00pm-2:50pm EST, 10:00am-11:50am PST

Early Registration Discount Deadline, Friday, December 16, 2022

or call 1-800-926-7926

This webinar will explain the whistleblower laws for accountants and tax preparers. The panelist will examine the types of whistleblowers, how accountants can recognize and report violations to the IRS, the potential awards available, and the ethical considerations of disclosing these violations.

Description

Internal Revenue Code Section 7623, the Whistleblower Law, was designed to incentivize individuals to become whistleblowers by reporting tax fraud to the IRS. Information on underpayments or violations of Internal Revenue Service laws that result in collections can qualify for an award. Section 7623(b) provides mandatory awards of 15-30 percent of collections for qualifying disclosures. Although some awards are mandatory, lesser amounts are paid for information that is available to the general public.

Whistleblowers can be inside or outside an organization, or a professional employed by the taxpayer, such as an accountant, financial adviser, or attorney. An accountant can easily recognize abusive tax shelters, inflated deductions, or substantially understated income and may consider becoming a whistleblower. Is this, however, ethical or even permitted? Accountants must consider whether disclosure violates Circular 230 and confidentiality requirements. Tax professionals and advisers preparing returns need to understand the whistleblower laws thoroughly.

Listen as Usman Mohammad, Counsel at Kostelanetz & Fink, explains the details of the whistleblower laws and situations where accountants might consider becoming a whistleblower.

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Outline

  1. What is the Whistleblower Law?
  2. Types of whistleblowers
  3. Why might an accountant be in possession of whistleblower information
  4. Consequences of an accountant as whistleblower
  5. Reporting a whistleblower claim to the IRS
  6. Anonymity
  7. Other issues

Benefits

The panelist will review these and other critical issues:

  • Key considerations before becoming a whistleblower
  • How whistleblower claims are reported to the IRS
  • How awards are determined and calculated
  • What protections are available for accountants who become whistleblowers?
  • What information received by accountants and tax preparers constitutes reportable violations?

Faculty

Mohammad, Usman
Usman Mohammad

Counsel
Kostelanetz & Fink

Mr. Mohammad joined the firm in 2000. His practice areas include commercial litigation, tax controversies, and state...  |  Read More

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