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About New Jersey IRS Voluntary Disclosure

Tax Amnesty and IRS Voluntary Disclosure in New Jersey

In an effort to encourage taxpayers to voluntarily report and pay outstanding tax obligations, many states across the nation have developed tax amnesty and voluntary disclosure programs.  Under these programs, businesses and individuals who voluntarily come forward to fully disclose and pay all taxes owed may be eligible for favorable treatment, including avoiding harsh financial penalties and possible criminal charges and investigations.

Taxpayers in New Jersey, New York and Pennsylvania with outstanding tax obligations may be able to participate in a state voluntary disclosure program.  Although these state programs are generally less structured than the IRS Voluntary Disclosure Program, there are still many requirements and conditions that taxpayers must comply with in order to participate and receive favorable treatment. Taxpayers in the New York/New Jersey/Greater Philadelphia regions should discuss their options with a skilled New Jersey IRS voluntary disclosure attorney before making any voluntary disclosures to their state tax authorities. 

Thorn Law Group has advised and navigated hundreds of clients across the United States and around the world seeking to take advantage of tax amnesty and voluntary disclosure programs.   Prior to joining our firm, many of our attorneys worked for the Internal Revenue Service and the U.S. Tax Court.  

Our legal team is well versed in both state and federal tax laws and we have a keen understanding of how state and federal tax authorities investigate and examine taxpayers.  When a client has unresolved tax issues, including unreported income and outstanding tax liabilities, our lawyers work closely with our clients to develop a plan of action aimed at settling their cases as quickly and effectively as possible.  

About Voluntary Disclosure Programs

Before a business or individual decides to participate in a state voluntary disclosure program, they need to make certain that they fully comprehend all obligations associated with the program.  Moreover, taxpayers who may have unreported offshore accounts should discuss these accounts with an experienced New Jersey offshore bank account attorney prior to making any disclosures to a state taxing authority.  

In these situations it is very important for the taxpayer to first consult with an experienced New Jersey IRS voluntary disclosure attorney to determine whether they may be eligible to make a disclosure under the Federal Government’s IRS Offshore Voluntary Disclosure Program.   

The IRS Offshore Voluntary Disclosure Program was re-established in 2012 to encourage taxpayers with previously undisclosed offshore accounts to make a complete disclosure of their accounts to the IRS.  In exchange for voluntarily coming forward and meeting all conditions of the program, the taxpayer may receive reduced financial penalties and avoid possible criminal prosecution.

If we determine that it is in our client’s best interest to participate in the IRS Offshore Voluntary Disclosure Program, we will assist the taxpayer in filing an application to the IRS and completing all program requirements.  Once the federal process is concluded, our legal team will counsel and guide clients through all appropriate state voluntary disclosure programs and procedures. 

Experienced Voluntary Disclosure Attorneys

At Thorn Law Group our tax lawyers are focused on assisting businesses and individuals throughout New York, New Jersey and Philadelphia resolve serious tax issues and come into compliance with state and federal tax laws and regulations.  We appreciate that clients with undisclosed income and unresolved tax obligations may be subject to severe federal and state fines and penalties, including potential criminal prosecutions.

Our voluntary disclosure attorneys know how to work with the IRS, the New Jersey Division of Taxation and state taxing authorities across the U.S. to resolve our clients’ tax disputes as rapidly as possible while minimizing any penalties or other adverse consequences associated with their outstanding tax liabilities.

If you have questions about state voluntary disclosure programs or would like to discuss the IRS Offshore Voluntary Disclosure Program with a New Jersey IRS voluntary disclosure lawyer, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at (201) 842-7696

 


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