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Update: The IRS Whistleblower Program
In 2006, Congress amended Section 7623 of the Internal Revenue Code of 1986 (the Code) and significantly enhanced the IRS Whistleblower Program with respect to claims made after Dec. 20, 2006, through the enactment of the Tax Relief and Health Care Act of 2006 (the TRHC
Act). Pub. L. No. 109-432, ' 406 (2006). (Along with the substantive modifications to Section 7623, the IRS also changed the name of the program from the “Informants' Reward Program” to the “Whistleblower Program.”)
New Section 7623(b) of the Internal Revenue Code provides a monetary incentive for people to report to the IRS, or blow the whistle on, those in significant tax noncompliance, by requiring the IRS to pay awards to whistleblowers if their information “substantially contributed” to the collection of proceeds. I.R.C.
' 7623(b)(1). In addition, the law established a Whistleblower Office, which operates at the direction of the Commissioner of the IRS, to administer the award program. Finally, the law created the right to appeal an award determination to the United States Tax Court. I.R.C. ' 7623(b)(4).
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.