Tax problems almost always lead to stress and sleepless nights. But now, thanks to clarity from the IRS, certain tax problems can be put to bed with complete certainty.
The IRS recognizes that it cannot prosecute and audit every fraudulently filed tax return. Therefore, for decades, the IRS has encouraged taxpayers and small businesses with tax problems to voluntarily come forward and clean up their tax issues prior to ever being contacted by the IRS. This process is called voluntary disclosure and it has existed in various forms for decades. On Nov. 29, the IRS provided new guidance to American taxpayers about how to cure past tax problems in a way that will certainly avoid criminal prosecution.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]