It's Whistleblower Appreciation Day, celebrating the 246th anniversary of legislation

It's Whistleblower Appreciation Day, celebrating the 246th anniversary of legislation
IRS says whistleblowers remain essential to maintaining compliance.
JUL 30, 2024

July 30, 1778, at the height of the American Revolution, the first US whistleblower law was passed. And 246 years later it’s the latest Whistleblower Appreciation Day.

The day has been recognized every year since 2013 by the Senate and celebrated on Capitol Hill as a celebration of “the bravery and heroism of whistleblowers across the United States and the historic contributions they have made to society, democracy, and to anticorruption efforts across the globe,” according to the National Whistleblower Center, which supports those who report wrongdoing.

The IRS has hailed the day as important to recognize the role of whistleblowers. The tax agency has paid over $1.2 billion in awards based on the successful collection of $7 billion from non-compliant taxpayers between 2007 and June 2024.

In fiscal year 2023 it paid awards of almost $89 million on $338 million collected as a result of whistleblower-provided information and its Whistleblower Office established 16,932 award claims, an increase of 44% compared to the average of the prior four years.

“The IRS appreciates the valuable contributions that thousands of whistleblowers have made to help bolster the fair and effective enforcement of our nation’s tax laws,” said IRS Whistleblower Office Director John Hinman. “Information from whistleblowers continues to be an incredibly effective aid to IRS compliance efforts, and we are committed to improving our whistleblower program by increasing our capacity to use high-value whistleblower information effectively, awarding whistleblowers fairly and as soon as possible, and keeping whistleblowers informed of their claim’s status and the basis for IRS decisions on claims.”

Meanwhile, the SEC awarded a total of almost $2 billion to nearly 400 whistleblowers through the SEC's whistleblower award program in FY2023. The largest was a record paid to single whistleblower – a $279 million award made in May 2023 - while a more modest $37 million was paid this month to an individual. Awardees receive between 10% and 30% of the monetary sanctions collected when they are above $1 million.

Latest News

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management