How do I enter the 2012 Voluntary Disclosure Program?IRS VOLUNTARY DISCLOSURE FAQ
Posted in on May 3, 2014
Offshore Voluntary Disclosure Initiatives
Voluntary Offshore Disclosure Law Firm
The 2012 IRS Offshore Voluntary Disclosure Initiative has not been the only one of its kind. The 2012 Initiative is the most recent Voluntary Disclosure Program and is similar, in both requirements and assessed penalties, to the 2011 Voluntary Disclosure Program. Taxpayers with undisclosed off shore bank accounts still have the opportunity to make a Voluntary Disclosure today, with the help of a voluntary disclosure lawyer.
Highlights of the 2009 IRS Voluntary Disclosure Program: The IRS collected $3.4 billion from participants to date, which reflects the completion of 95% of cases.
Highlights of the 2011 Amnesty Program: The IRS has collected an addition $1 billion from preliminary payments and continues to process open cases. Many of these participants were at risk of criminal investigation, but were able to avoid the potential for severe civil penalties and criminal investigation by disclosing their off shore bank accounts to a voluntary offshore disclosure law firm.
Terms of the 2012 IRS Offshore Voluntary Disclosure Initiative:
- A 27.5 percent penalty of the undisclosed off shore bank accounts based on the highest total account balances over an eight-year period.
- Taxpayers with undisclosed off shore bank accounts must pay back interest and taxes on any unreported income for up to eight years, as well as delinquency and/or accuracy related penalties.
- Taxpayers with undisclosed off shore bank accounts must file all amended and original tax returns, as well as include payments for taxes, interest, and accuracy related penalties.
Reduce your risk of prosecution or criminal investigation by letting the experienced IRS disclosure lawyers at Thorn Law Group handle the disclosure of your overseas bank accounts.