Expanded Whistleblower Regulations, Schedule UTP and Corporate Governance: A Potent Combination of IRS Strategies

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The Internal Revenue Service’s interest in encouraging and incentivizing whistleblowers appears unlikely to subside. Indeed, on January 18, 2011, the IRS published proposed regulations under section 7623 of the Internal Revenue Code, which authorizes the IRS to reward whistleblowers. The IRS is accepting comments on the proposed regulations until April 18, 2011. The proposed regulations, if made final, will expand informants’ opportunities to get paid for assisting the IRS. Along with other recent developments, the whistleblower regulations will continue to complicate life for small businesses, as well as for the most sophisticated of corporate tax departments.

This alert discusses the proposed regulations, their importance to corporate management and tax departments and interaction with the new requirement to disclose uncertain tax positions, and the IRS Corporate Governance Initiative. These new initiatives and disclosure requirements may provide new avenues for whistleblowers. Corporate taxpayers should, therefore, consider changes necessary to ensure proper oversight, reporting and compliance — the best ways to manage and mitigate whistleblower risk.

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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