The program is a way for people who fear criminal prosecution to come forward and disclose errors or omissions in tax reporting before the IRS gets to them.
that the Voluntary Disclosure Practice Preclearance Request and Application has been revised. The IRS’s Voluntary Disclosure Practice has been around for years, and it is the best way for taxpayers who have potential criminal exposure for tax compliance issues to come forward. According to the IRS, “The updates reflect input from practitioners and stakeholders and take into account trends in the type of financial asset that taxpayers hold.
speakers during the Interpol World Congress in Singapore on July 4, 2017. - The three-day conference on fostering innovation for future security challenges is taking place from July 4 to 6. The IRS’s Voluntary Disclosure Practice is a way for people who fear criminal prosecution to come forward and disclose errors or omissions in tax reportingthe IRS gets to them.
“This is an important form and process for people who recognize it’s better to step forward and address their tax situations head-on, before facing IRS enforcement action,” said Doug O'Donnell, Deputy Commissioner Services and Enforcement. “The revised form includes a number of updates, and we encourage people to review the guidelines and consult a trusted tax professional.
She further explained, “This new guidance gives taxpayers much more certainty about their penalty exposure in estate, gift, and employment tax matters. I believe that this increased predictability will cause more taxpayers to make voluntary disclosures. However, the voluntary disclosure process has been very slow in the past few years, with some taxpayers waiting for more than a year to receive preclearance and other taxpayers waiting years to resolve their cases.
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