Based on the numerous last minute IRS Voluntary Disclosures most tax attorneys expect a surge of US TAX COURT filings against the Internal Revenue Service to challenge the IRS tax and penalty assessments which may be proposed in the next several months. We’ll update you with any new procedures or news concerning IRS audits which may be initiated through the IRS Voluntary Disclosure application submission.
Internal Revenue Service IRS Voluntary Disclosure Program
One of the most common questions we received from taxpayers regarding the IRS voluntary disclosure program was: “why should I make IRS voluntary disclosure?”
IRS Taxpayers with unreported offshore or foreign bank accounts or entities should make a voluntary disclosure because it allows them to become compliant, avoid large IRS civil penalties and generally reduce or eliminate the risk of IRS criminal prosecution.
Making a IRS voluntary disclosure also provides the opportunity to resolve all offshore tax issues at a reasonable settlement amount.
Taxpayers who do not submit an IRS voluntary disclosure may face IRS assessment of substantial penalties, including the fraud penalty and foreign information return penalties, and high risk of IRS criminal prosecution.