National Report IRS Tax Fraud Day 2024 (US): Five Interesting Tax Facts and FAQs

National Report IRS Tax Fraud Day 2024: Overall Report Annually, April 10 is observed as IRS Tax Fraud Day. Attorney Joel Hesch, who was a Whistleblower Reward Officer for the Department of Justice for sixteen years, established this day. To bring attention to the I.R.S. Whistleblower Incentive Program and similar incentives, this day was created. Later, to assist whistleblowers in claiming bounties under various government reward programs, such as the I.R.S. Tax Fraud Reward Programs, Mr. Hesch established an independent law firm.

Overview of the National Report Day of IRS Tax Fraud

To generate funds for the American Civil War and establish the Bureau of Internal Revenue, Congress ratified the Revenue Act of 1862. The ratification of the Sixteenth Amendment to the United States Constitution in 1913 granted Congress the authority to impose a source-independent income tax. In the interim, the Bureau of Internal Revenue was also established. Since its establishment in 1953, the Internal Revenue Service (I.R.S.) has undergone some modifications and reforms.

The responsibility for the majority of revenue collection lies with the I.R.S., which operates for the benefit of the federal government. It collected more than $4.1 trillion in gross taxes and processed over 261 million tax returns in 2021. In 1867, the Internal Revenue Service instituted a reward program to incentivize individuals to report instances of tax fraud. Unexpectedly, utilization of the previous tax incentive program was minimal.

The Tax Whistleblower Rewards Program, which was implemented by the I.R.S. in December 2006, stipulated minimum compensation levels and allowed a whistleblower to retain legal representation to recover the award amount. The new method, however, applies only to instances of tax fraud exceeding $2 million. To qualify for a reward, the whistleblower is required to diligently submit comprehensive information along with the completion of I.R.S. Form 211. The information and documents may also be submitted by the applicant’s attorney. State and federal governments each have their tax systems in the United States, and there are numerous types of taxes, such as property taxes, income taxes, sales taxes, and capital gains taxes.

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FAQs for National Report IRS Tax Fraud Day

The IRS tracks unreported revenues how?

The I.R.S. can investigate bitcoin transactions like other undeclared transactions.

Minimum wage: how much?

Tax returns are required for unmarried people under 65 with $12,550 in annual income.

Your US income tax liability?

Seven tax brackets apply to normal income in 2021.

How To Observe National Report IRS Tax Fraud Day

Visit the website

Learning about the Whistleblower Reward Program is the ideal method to commemorate this day. For more information, you can visit the official website.

Disclose an instance of tax evasion

If you have evidence that relates to tax fraud, you should consult with a seasoned whistleblower attorney. Determine whether your case is eligible for a reward.

Proclaim the word

Paying taxes, especially those incurred by others as a result of tax avoidance, is not something that anyone relishes. Utilize this day to raise awareness regarding tax fraud. Disseminate information on social media platforms regarding the application procedure for whistleblower rewards.

Five Interesting Tax Facts

The revenue statute

Annually, Americans spend $233.8 billion and 6.1 billion hours adhering to the tax code.

An increased workforce by twofold

The I.R.S. increased its identity theft and fraud prevention staff by more than twofold to 3,000 individuals in 2012.

Paper documents are prone to error.

The probability of errors is generally greater with paper documents in comparison to electronic ones.

Exempt-from-tax organizations

An estimated 1.5 million tax-exempt organizations are identified by the I.R.S.

The revenue statute

The average page length of the U.S. tax code is 450 words, and it contains more than one million words.

The Significance of National Report IRS Tax Fraud Day

It supports nation-building efforts.

This day contributes to the nation’s progress and development. A nation cannot operate in the absence of taxes.

It supports welfare initiatives.

To assist individuals from all aspects of life, the government has established a vast array of programs, including pension plans and employment programs. These support systems are financed through taxation.

It induces consciousness.

the overwhelming majority of law-abiding taxpayers with assistance. This day emphasizes the critical nature of combating tax evasion and fraud.