Tax evasion and falsified tax returns are now being addressed with the US Tax Amnesty Program. Severe penalties come with such a felony, including criminal prosecution and imprisonment. State governments offer tax amnesty programs to encourage taxpayers to come forward and amend their tax returns and/or file late tax returns.
This amnesty program is designed to ensure that state governments collect as much unpaid or undisclosed tax revenue as they can over a short period of time, while helping individuals. A tax amnesty program is also a great opportunity for taxpayers to declare their international assets and interests. This may be offshore investments, real estate rentals and/or other income of a foreign nature. Although penalties may still apply the advantages of coming forward far outweigh the cost of not doing so.
There are several advantages of complying with and disclosing your income under the US Tax Amnesty Program. Here are a few:
Advantages of a tax amnesty program
- When you declare your international assets under a tax amnesty program, you stand to benefit from the reduced penalties that accompany the relief offered here. The penalties for not declaring international assets to the IRS are of course heavier.
- Such tax amnesty programs give taxpayers a window of opportunity to come forward and bring their taxes up to date. A taxpayer who has missed the deadline or who has failed to declare international assets can now do so under this program without the fear of civil or criminal prosecution that often accompanying non-compliance.
- The possibility of other negative consequences, such as notices, assessments and property liens are also alleviated.
Taxpayers with overdue taxes and unreported international assets should take advantage of this opportunity to comply with federal tax laws. It stands to reason that there is great peace of mind in knowing that one has the opportunity to address sensitive IRS issues and rectify non-compliance. It’s worth noting that an offender investigated by the IRS who has chosen not to declare international assets under the program will not be allowed the benefits thereof.
Qualified Tax attorneys and CPAs, with expertise in international tax and know-how of the tax amnesty program, can offer you high quality service with reasonable fee structures.
Need an experienced tax lawyer? Contact Christopher J. Byrne PLLC today.