The IRS Whistleblower Office didn’t abuse its discretion when it rejected a man’s claim for a whistleblower award based on allegations that a global insurance company evaded more than $858 million in taxes, the U.S. Tax Court ruled on Thursday.
Michael Van Bemmelen asked the IRS for the award after alleging the insurance company—which wasn’t named in the court’s opinion—evaded the taxes from 2001 to 2015 by unlawfully deducting interest under tax code Section 264 on borrowed funds used to finance secondary-market life insurance investments. He also alleged that the company laundered money along with a third-party ...
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