Faced with the situation that you or your company has been misreporting income or miscalculating taxes, you should not stick your head in the sand and hope that it never catches up with you. You should work with your accountant and attorney and calculate the amount due.
First, the IRS has two voluntary disclosure programs. The first is for domestic voluntary disclosure of tax issues, which I am discussing here. The other is a separate program for Offshore Account Voluntary Disclosure (to be discussed in a later post). Read more