As former attorneys for the Internal Revenue Service and the U.S. Tax Court, our voluntary disclosure attorneys in Massachusetts have the background and knowledge to provide qualified advice and advice regarding the foreign disclosure program. Under this IRS amnesty program, taxpayers can avoid possible government prosecution and limit their vulnerability to the most severe fines if previous tax violations of their foreign or offshore accounts are voluntarily reported. Participation in a voluntary disclosure program does not exempt you from any previous tax obligations. However, it will likely reduce your overall tax debt. All optional information is provided by MassTaxConnect, the application for filing and payment of taxes by the revenue department, through a website. In the event that the parties are unable to reach an agreement, it is not prevented from using the information made available to it during the voluntary advertising procedure to examine the tax returns or the defence of a subsequent appeal against such a review. The Ministry of Finance can reach an agreement with the taxpayer on limiting statutes of limitations, waiving penalties and possibly the number of returns filed. VDAs reward voluntary compliance. If you wait for a state to “catch” you to move forward, you don`t really come voluntarily, so the same benefits don`t apply. Yes, Mississippi has a voluntary revelation program. You or your representative can contact the Tax Administration Office for more information. They are not included in a voluntary disclosure program without having to make an effort.
However, the more external resources you rely on, the less you have to do yourself. In the event that the parties are unable to reach an agreement, the voluntary disclosure case will be closed. DOR will provide the subject or its agent with a letter stating that the voluntary disclosure case has been closed. If the taxpayer is responsible in more than one state, he may consider requesting a voluntary multinational disclosure through the Multistate Tax Commission. More information on the MTC`s voluntary disclosure program and the request for voluntary disclosure by several states is available. What are the Department of Finance`s rights to voluntary disclosure agreements? Companies considering a voluntary disclosure program have options. You can complete and submit your own application or work with a professional who can help you navigate the process and prepare a VDA. Most applications are 2 to 3 pages long and require an explanation of the applicant`s type of activity, state activity and reasons for the application. If the case is included in the program, DOR will agree to waive any sanction that may be imposed, including sanctions that may be imposed under G.L.c 62C, No. 35A and 35D with respect to the uncertain tax or matters, provided that the subject has acted in good faith to pursue the other issue that leads to the voluntary application. , and their analysis throughout the voluntary disclosure process to DOR.