Description
Keep you and your client safe by properly disclosing and correcting tax reporting problems.In recent years, the Internal Revenue Service has strongly encouraged individuals and companies who are not fully compliant with their tax obligations to come forward and voluntarily disclose their noncompliance. Under certain circumstances, noncompliant taxpayers can obtain amnesty from criminal prosecution by coming clean. This topic will address the history of the various IRS voluntary disclosure programs, including its traditional voluntary disclosure practice for domestic issues, new procedures announced in November 2019, and the nowclosed Offshore Voluntary Disclosure Program and Streamlined Filing Compliance Procedures for offshore issues. Review the parameters and requirements of each of these various disclosure programs, and outline how to choose which option is best. The topic will also address the various risks facing noncompliant taxpayers who fail to take appropriate action, including civil and criminal exposure. Gain unique insight into the current enforcement mindsight of the IRS, and learn the benefits of coming clean and the risks of inaction.
Date: 2020-05-18 Start Time: End Time:
Learning Objectives