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A Form 211 submitted to the IRS Whistleblower Office will not be processed if the form was submitted anonymously or under an alias. Whistleblowers must use their real name on the Form 211 and sign the Form 211 under penalty of perjury for the Form to be processed.
Once a company is reporting, it is eligible to have a market maker file a Form 211 with FINRA. The 211 must be approved by FINRA, which normally takes three to six months before the company can trade its stock on the OTC Markets.
An award worth between 15 and 30 percent of the total proceeds that IRS collects could be paid, if the IRS moves ahead based on the information provided. Under the law, these awards will be paid when the amount identified by the whistleblower (including taxes, penalties and interest) is more than $2 million.
Whistleblowers seeking to claim an award for reporting tax evasion to the U.S. government must use Internal Revenue Service (IRS) Form 211, Application for Award for Original Information. If the IRS can recover funds based on a whistleblowers claim, the whistleblower will receive a percentage of these funds.
Form 211 is submitted to the IRS by a whistleblower who seeks to claim a reward for providing information about tax evasion to the U.S. government. Form 211 rewards can be substantial, up to 30% of the additional tax, penalties, and other amounts the IRS Whistleblower Office collects.
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