On December 9, 2010, in his prepared remarks before the “23rd Annual Institute on Current Issues in International Taxation IRS” (in Washington, D.C.), Commissioner Doug Shulman hinted that the IRS is considering whether to renew the Voluntary Disclosure Program. The new Voluntary Disclosure Program would have tougher penalties that the original Program that ended in October of 2009, but it would still offer a way for U.S. taxpayers to comply with the U.S. tax laws while avoiding the worst consequences of tax noncompliance.
Here is a relevant excerpt from Commissioner Shuman’s speech:
“Given its success, we are seriously considering another special offshore Voluntary Disclosure program. However, there will be some fundamental differences. Taxpayers will not get the same deal as those who came in under the original program. To be fair to those who came in before the deadline, the penalty – and thus the financial cost to participate – will increase. Let me say too that we expect to make the terms of any new program available to those who have already come in after October 2009 when that program expired. Stay tuned for more details as they become available.”
Voluntary disclosure is usually the best way to bring your tax affair in full compliance with the U.S. tax laws. Moreover, voluntary disclosure process often reveals nonconformity with other U.S. tax compliance requirements, such as FBARs, Form 5471, Form 8865, Canadian RRSP disclosure, et cetera.
Sherayzen Law Office has helped the taxpayers throughout the United States to voluntarily disclose their income and assets, negotiate their tax obligations, and bring their tax affairs in full compliance with U.S. tax laws. At the same time, we have helped our clients to resolve such issues as delinquent FBARs, Form 5471/8865 filings, foreign trust income disclosure, Canadian RRSP reporting, and other relevant tax compliance issues. We will guide you every step of the way, draft the necessary documents and negotiate with the IRS.
Call NOW (612) 790-7024 to discuss your tax issues with an experienced tax attorney! Remember, your consultation is confidential and protected by the attorney-client privilege.