Archive by Month: September 2020

What is the Difference Between the IRS’ Voluntary Disclosure Practice and Its Streamlined Filing Compliance Procedures?

Offshore Account Update

Posted in on September 30, 2020

When you fall behind on your federal tax obligations, voluntarily coming into compliance can save you from substantial penalties and the risk of criminal prosecution for federal tax evasion or tax fraud (or both). However, while the Internal Revenue Service (IRS) offers various “voluntary compliance” options for delinquent taxpayers, these options both (i) offer different benefits, and (ii) are available under different circumstances. As a result, when seeking to come into compliance, you need to make informed decisions, and it is important to rely on the advice of an experienced New Jersey IRS lawyer.

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5 Common Misconceptions about Voluntarily Disclosing Offshore Accounts to the IRS

Offshore Account Update

Posted in on September 23, 2020

The Internal Revenue Service’s (IRS) Voluntary Disclosure Practice and its Streamlined Filing Compliance Procedures provide ways for individual and corporate taxpayers to mitigate their liability for failing to timely disclose offshore accounts as required by law. However, while the IRS’ Voluntary Disclosure Practice and Streamlined Filing Compliance Procedures offer significant benefits when utilized effectively, there are certain risks associated with voluntary disclosure as well. As a result, U.S. taxpayers must be extremely careful to avoid mistakes that could potentially lead to unnecessary penalties, and they must rely on the advice of counsel when disclosing their offshore accounts to the IRS.

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