Due Diligence

Cheating On Taxes In NY Just Got A Lot Riskier, If You Have Enemies

Governor David A. Paterson signed a law earlier this month that could mean more tax audits of your wealthy New York-based clients, says a New York Times City Room blog post. Apparently, the law, which takes effect Friday, would make it easier for whistleblowers to file lawsuits against tax evaders who make more than $1 million a year in net income, and have defrauded the state of $350,000 or more. According to experts it's the first law of its kind in the country and could bring the state $25 million a year.

Unfortunately, that's hardly a drop in the bucket for New York state government, which has a projected budget of $136.5 billion for 2010-2011 and projected outstanding debt of $56.9 billion.

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