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The IRS voluntary disclosure program

Posted by James Kridel | Nov 18, 2016 | 0 Comments

If you or your company has unpaid taxes from previous years or offshore assets on which taxes have not yet been paid, our experienced tax law attorneys in New Jersey can help you work with the IRS to bring your taxes current while minimizing any penalties.

Voluntary disclosure programs are available through the IRS, but it is important that you work with an experienced tax attorney because the process can be extremely complex.

What is a voluntary disclosure to the IRS?

The IRS voluntary disclosure program involves coming forward with pertinent tax liability information that the IRS likely would not have discovered. For this reason, the IRS is willing to make agreements with taxpayers in order to gain tax revenue that it would not otherwise have obtained and promises of future compliance from the taxpayer.

How can a tax law attorney in New Jersey help?

Our experienced tax attorneys understand any potential hesitation in coming forward with information that has not been previously disclosed. Many clients find comfort in knowing that a great number of taxpayers take advantage of the voluntary disclosure program each year in order to reduce liability and penalties. One of our experienced tax attorneys can work with you to draft an agreement that will be advantageous to you and protect your interests.

What are the benefits of voluntary disclosure to the IRS?

There are many benefits to the voluntary tax disclosure program through the IRS, including the limitation of the so-called “look-back period” to only the previous few years, limiting the scope of potential audits, waiving or limiting penalties and interest, and providing some closure to taxpayers who are concerned about previous tax periods.

The drawbacks of the voluntary disclosure program

In exchange for the benefits of the voluntary tax disclosure program, you will have to promise compliance with tax requirements in the future. Additionally, the obvious costs associated with the program involve paying at least a portion of tax liabilities owed. Our experienced tax attorneys can work with you to structure your voluntary disclosure program agreement to minimize your payments.

Consult an experienced voluntary disclosure tax attorney in New Jersey

No matter the amount of your tax liability or offshore asset, our experienced New Jersey tax law attorneys can help you move towards a resolution of your tax concerns. Reach out to us today for assistance with your case in Clifton, Paterson, Passaic, Garfield, and Rutherford.

About the Author

James Kridel

James A. Kridel, Jr. brings a wealth of business, legal, military and life experiences to his law practice. For four years Mr. Kridel served as a special agent for the United States in the field of Counterintelligence, which resulted from his voluntary service with the United States Army during Vietnam. Before starting his own law firm, he was the tax partner at a previous firm.


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