Today there was a much hyped congressional hearing, spearheaded by sub-committee chairman Mark Meadows, into issues surrounding the Clinton Foundation and the possibility of IRS tax avoidance schemes. The backstory is of particular importance because the hearing is being framed by the ‘tick-tock-boom club‘ as something it was not.
There is a policy within the IRS that any person can report fraudulent tax filings, or the lack thereof, by any American taxpayer – toward any individual or group that is avoiding the payment of taxes. The IRS has a process to receive “tips” and claims from anyone to their investigative unit. If the tip ends up in the IRS being able to secure missing tax payments, the tipster can get a percentage reward based on the amount of the taxes the IRS can recover. The reward percentage is from 10% to 30% of the recovered amount.
Mr. Lawrence W. Doyle and Mr. John Moynihan, are the proprietors of a firm called MDA Analytics. They are two ‘tipsters’, financial bounty hunters, calling themselves ‘whistle-blowers’, who have researched the Clinton Foundation and informed the IRS that based on their research the foundation owes back taxes. They duo are hopeful to receive an IRS award based on their estimation of missing tax payments of between $400 million and $2.5 billion. In addition to their patriotic duty, this is the financial motivation behind Mr. Doyle and Mr. Moynihan.