voluntary disclosure .pdf
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Title: The Process Involved in Voluntary Disclosure
Content: There are people out there who are afraid of beginning the voluntary disclosure process
because they liken it to turning yourself into the authorities. It could be if you have been knowingly
evading taxes but even then, there are benefits to be reaped. First, you won’t get the same penalties you
would have if the IRS made its discoveries about your offshore accounts and secondly you can finally
clear your conscious. When you voluntarily disclose your accounts, you do not go to jail as most people
perceive and that is why the IRS is popularizing the program. This is what happens and what is required
of you immediately afterward.
You will be required to submit willingly all documents that might be needed for you. (You can
get information on what these documents are from the Internet or by seeking the counsel of an
attorney who specializes in tax matters).
Cooperate in the entire disclosure process. This will involve such things as providing information
on any foreign accounts or assets that you might be holding.
A 20% penalty will be invoked on whatever amount of tax money you have not paid for the entire
period you have been operating your accounts. Note that 20% could seem very high and
especially if you are not conversant with tax laws. However, like stated before, if the IRS makes
its discoveries by investigating your accounts, you will end up coughing up 50% of what is in
your foreign accounts and not to forget the criminal charges that could see you see the inside of
Clear your failure to file and failure to meet tax obligation penalties
Agree to cooperate with the IRS if they request that you provide information on financial
institutions that helped you as a taxpayer, establish accounts in an institution’s respective
Can Voluntary Disclosure be done Without a Professional?
Like you did notice, we did not go into the details of what you are supposed to pay. It is legal jargon you
might not be capable of internalizing in a flash, but we did touch on the most important bits. After
voluntary disclosure of all the offshore accounts that you might be holding, you will be directed on what
to pay by the IRS. However, it might be confusing to you, and you might end up feeling cheated. A tax
attorney who specializes in this field could be of great assistance helping you calculate what the IRS
would demand of you if you participated in the program. It is, therefore, recommendable that you find the
counsel of one before filing your FBAR.
Will I go to jail after voluntary disclosure?
It would be a stupid question to ask in light of what we have been discussing but important nonetheless.
You do not go to jail if you participate in the voluntary disclosure program. You could have if the IRS
caught up with you by its means, but they clearly state that the essence of the program is to help people
become compliant with tax laws pertaining offshore accounts peacefully. You, however, need to pay up
all your penalties or clear up to consider yourself safe.
Is it a crime to continue holding undisclosed accounts after voluntary disclosure
No. As long as you have become compliant with the tax laws, you can continue running your offshore
accounts and assets. You, however, need to file an FBAR by the end of each year else; you go back to the
same situation you were in before your voluntary disclosure. Here we want to add one thing! Chicago
Tax Lawyer Firm is a great source of all the relevant information and, in fact, you can consider them for
acquiring professional-level help and support. The firms we are talking about have established credibility,
and their experience in helping individuals with voluntary disclosure is proved.
Referral Link: https://www.chicagotaxlawyerfirm.com/offshore-banking-disclosures/
(Open 7 Days for Calls)
180 N. LaSalle Street, Suite 3700
Chicago, IL 60603
Local: (312) 608-2772