A lot of people are unfamiliar with the IRS offshore voluntary disclosure program. But for people who have offshore accounts, it’s essential to know about it. Knowing about it is going to help them with avoiding the penalties that they might incur when they don’t tell the IRS about the money that they made from the offshore accounts. Here are some of the requirements of the IRS offshore voluntary disclosure program.
- Provide some copies of past filed original (as well as past filed amended, if applicable) federal returns for the tax years that are covered by the disclosure.
- Provide complete as well as accurate amended tax returns(individuals it’s Form 1040X, Form Provide when delinquent) for the years covered by the disclosure, along with the applicable schedules which detail the type and amount of the income which hadn’t been reported from the entity or account. Two examples of this are is Schedule B for dividends and interest or schedule D for capital losses and gains.
- File complete as well as accurate amended or original offshore-related information about returns, as well as Form TD F 90-22 for the tax years that are covered by that voluntary disclosure.
For those who want to know more about the offshore voluntary disclosure program and who would like some help to deal with it, they should go to www.kahntaxlaw.com. This tax lawyer knows a lot about the disclosure program and about tax law in general, so they are a great place to turn to when you have questions about tax law.