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2011 Offshore Voluntary Disclosure Initiative (1 viewing) (1) Guest
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TOPIC: 2011 Offshore Voluntary Disclosure Initiative
#7136
steve (Admin)
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Re:2011 Offshore Voluntary Disclosure Initiative 7 Years, 1 Month ago Karma: 3  
I can imagine a situation where someone expatriates the country and plans on staying with his/her foreign sourced money and never returning to the US. Other than that, participating in the voluntary disclosure program is a win-win situation. The taxpayer can come clean and amend false returns without the threat of prosecution and with reduced penalties and the IRS can get a taxpayer compliant with the tax laws and help the government paydown the $13 trillion dollar deficit.

If a taxpayer does like the assessment (Form 906), which is issued in voluntary discolure cases, then the taxpayer can elect out and go through full audit and review of his/her returns and take his/her chances with the criminal investigation division.

Once you are in the IRS system, you are there to stay!
 
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#7144
Sumo (User)
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Re:2011 Offshore Voluntary Disclosure Initiative 7 Years, 1 Month ago Karma: 5  
Steve,

Does the IRS permit a voluntary disclosure for other taxes such as income taxes or failure to file?
 
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et non (User)
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Re:2011 Offshore Voluntary Disclosure Initiative 6 Years, 10 Months ago Karma: 1  
i know this thread is old, but i would if any of you get the forum RSS feeds then you will know that there is an update to this thread.

When is the IRS deadline for filing a disclosure of offshore assets?
 
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