What is the IRS disclosure program?
Orlando Certified Public Accountant Paulette Smith discusses the IRS’s disclosure program.
“The IRS Offshore Voluntary Disclosure Progam is in its third phase. The Disclosure Program that’s in effect right now is open-ended, meaning that there is no deadline in place right now. The IRS has said it will remain open-ended until they decide to close it.
The Offshore Disclosure Program allows individuals and businesses to come forward and report this income, or the assets, as they should have been reporting, and to do it without the threat of criminal prosecution. The caveat that goes with that statement is that the disclosure has to be full and complete. It involves preparing amended returns, reporting the income, paying the income taxes that are due. There are also fines and penalties involved, but, when the case is completed, it’s done, and the taxpayer is free to move ahead without having the worry of being found out in some other way.”