If you become aware of the fact that you’ve failed to report and pay tax due to New York State, don’t think that it will go away. It will only get worse. Penalties, interest and especially criminal charges are serious business. The New York Tax Department has a Voluntary Disclosure and Compliance Program that you can avail yourself of. Read more
Tag: Voluntary Disclosure
IRS Voluntary Disclosure Practice
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