Voluntary Disclosure Tax Amnesty - 2020 Taxpayer Program Options for Domestic & Offshore Disclosure

Voluntary Disclosure Tax Amnesty Voluntary Disclosure Tax Amnesty:

There are several Voluntary Disclosure Tax Amnesty options for Taxpayers. There are various IRS and state tax amnesty programs -- along with other voluntary disclosure programs outside the United States.In general tax amnesty refers to the process of voluntarily getting into compliance for unreported income an undisclosed accounts & assets.

Depending on the nature of the underlying noncompliance, the matter maybe domestic, foreign, or a hybrid of both.In recent years, voluntary disclosure tax amnesty for offshore related matters - especially foreign accounts compliance - has become a key enforcement priority.

The Internal Revenue Service has significantly increased enforcement of non-compliance.Generally, voluntary disclosure tax amnesty matters are civil.By submitting to the voluntary disclosure tax amnesty program, a taxpayer can usually avoid a criminal probe, an IRS special agent investigation and/or criminal prosecution for offshore or domestic related issues.