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9 December 2019 – London, UK — Prager Metis, a leading accounting and advisory firm with offices in Europe, North America, and Asia, announces the promotion of Mark Carter to Principal in the Busi...
Voluntary Disclosure
Filing
Failure to file returns or to pay correct tax can subject individuals and businesses to interest charges, penalties, and criminal prosecution. For taxpayers who wish to get themselves back into compliance, the IRS and numerous State Tax Departments offer voluntary disclosure programs whereby taxpayers who owe back taxes and haven’t filed related returns can possibly avoid monetary penalties and criminal charges by reporting the amount owed, paying the taxes, and entering into an agreement to pay all future taxes. Generally, voluntary disclosure filings must be submitted to the taxing agency prior to the commencement of any civil or criminal investigation of the taxpayer or before notice is sent to the taxpayer informing them of the intent to begin such investigation.
The experienced and dedicated tax controversy staff of Prager Metis can help concerned taxpayers understand their options with regards to voluntary disclosure filings and assist the taxpayer in mitigating any associated risks that may be associated with the process.
Related Services- IRS and State Controversy Resolution
- Innocent Spouse / Separation of Liability Relief
- Installment Agreements
- Levy & Lien Releases and Withdrawals
- Offers in Compromise
- Penalty and Interest Abatement Requests
E. Martin Davidoff,
CPA, Esq.
Partner-in-Charge – National Tax Controversy
- 732.274.1600 / Ext. 16000
Robbin E. Caruso,
CPA, CGMA
Partner - Tax Controversy
- 732.274.1600 / Ext. 16003
help!Are you interested in receiving our latest news or
contacting one of our experts? Stay In Touch Are you ready for the
next step?At Prager Metis, we believe our
people make the difference! Explore Careers
Voluntary DisclosureFiling Failure to file returns or to pay correct tax can subject individuals and businesses to interest charges, penalties, and criminal prosecution. For taxpayers who wish to get ...
Penalty and Interest
Abatement Requests
If an individual taxpayer or business files their tax return late, underpays or fails to pay taxes owed by specified deadlines, the IRS can assess failure-to-file penalties, failure-to-pay penalties, late-filing penalties, late-payment penalties, estimated tax penalties, and accuracy related penalties in addition to interest on the taxes due and the penalties assessed. In addition to the interest and penalties assessed by the IRS, state revenue departments will also assess penalties and interest on tax debt that remains unpaid or is paid late. The taxpayer will continue to accumulate interest and penalties until the tax debt is resolved which can result in substantial sums owed in addition to the original tax.
The IRS currently offers a first-time penalty abatement program that relieves taxpayers from failure-to-file and failure-to-pay penalties provided certain criteria are met. Interest charged on penalty amounts will be reduced or removed when that penalty is reduced or removed. If the taxpayer has a legitimate reason for not being able to file their returns or pay taxes owed in a timely fashion the IRS may also consider relief for “reasonable cause”. Some states periodically offer abatement or reduction of penalties and/or interest during specified amnesty periods.
The Prager Metis Tax Controversy professionals can help determine if you meet the qualifications for the various abatement programs and assist you in applying for relief.
Related Services- IRS and State Controversy Resolution
- Innocent Spouse / Separation of Liability Relief
- Installment Agreements
- Levy & Lien Releases and Withdrawals
- Offers in Compromise
- Voluntary Disclosure Filing
E. Martin Davidoff,
CPA, Esq.
Partner-in-Charge – National Tax Controversy
- 732.274.1600 / Ext. 16000
Robbin E. Caruso,
CPA, CGMA
Partner - Tax Controversy
- 732.274.1600 / Ext. 16003
help!Are you interested in receiving our latest news or
contacting one of our experts? Stay In Touch Are you ready for the
next step?At Prager Metis, we believe our
people make the difference! Explore Careers
Penalty and InterestAbatement Requests If an individual taxpayer or business files their tax return late, underpays or fails to pay taxes owed by specified deadlines, the IRS can assess failure-to-fil...