The Internal Revenue Service has given a $2 million reward to a whistleblower who exposed an alleged tax avoidance scheme by an Illinois tool maker that cost the U.S. Treasury hundreds of millions of dollars.
The allegations reported by the anonymous whistleblower against Illinois Tool Works involved the artificial replication of tax basis. A Swiss bank allegedly duplicated its own tax deductions in order for ITW, as a client and unrelated taxpayer, to claim the same deductions as an offset to ITW’s otherwise taxable income.
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