Should You Make a Voluntary Disclosure to the IRS? (Yes, Learn Why)
Should You Make an IRS Voluntary Disclosure in 2019? Yes, because the IRS Offshore Penalties for Voluntary Disclosure continue to Increase each year.
We have handled more than 1000 IRS disclosures for clients in 70-different countries.
Should you make an IRS Voluntary Disclosure?
Yes, and here why:
We have worked with a very diverse clientele, ranging from entrepreneurs, engineers, professors, doctors, accountants, actors, sports figures and politicians.
Each and every client would tell you they were better off (mentally and emotionally) after successfully completing the different programs with our team.
Here are a few good reasons why should you make an IRS Voluntary Disclosure:
It’s Not Just for IRS Criminal Protection
Any attorney who tells you that the only reason to submit to traditional voluntary disclosure is to avoid criminal prosecution is not a specialist in this area of law.
Criminal Protection is rarely needed, and is only one of many reasons why you may want to submit to voluntary disclosure. T
These attorneys do not understand the time-value of money,
The neglect to consider how time-consuming and a drain of resources litigation, investigations, audits, and trials can be (mentally, physically, and financially).
Audit Protection is Worth it’s Value in Gold
In fact, the main reason most people submit to this program is to significantly reduce any chance of audit.
Unlike the Streamlined Program, with the traditional voluntary disclosure program, you will almost always avoid an IRS Audit.
Even if you are non-willful, and especially if you are busy (or just risk averse) entering the traditional voluntary disclosure program is a great way to avoid an audit.
IRS Domestic and Offshore Enforcement has Become More Intense
The IRS is limited on resources, and therefore has to allocate their resources accordingly.
Some of the main enforcement initiatives, include:
- Offshore Compliance
- Domestic Tax Fraud
- Employment Tax
By entering the IRS Voluntary Disclosure Program, you can severely limit any potential damaging issues in the future – which can impact your business and career prospects.
Voluntary Disclosure IRS Penalties Continue to Rise
In recent years, the IRS has increased penalties.
Currently, under the updated and new version of the programs, the penalty will start at 50%, but may be mitigated (reduced) or exacerbated (increased), although the general proposition is that the standard penalty is 50%.
If the IRS Finds you First…
You forfeit the right to submit to the program. And, due to the fact that the IRS has many more tools at its disposal to find you than it did in year’s past, the chances of the IRS finding you first continues to rise.
Golding & Golding, A PLC
We have successfully represented clients in more than 1,000 streamlined and voluntary disclosure submissions nationwide and in over 70-different countries.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.
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Sean holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver. He has also earned the prestigious IRS Enrolled Agent credential. Mr. Golding's articles have been referenced in such publications as the Washington Post, Forbes, Nolo, and various Law Journals nationwide.