Voluntary Disclosures

There are a number of taxpayers that have either failed to file or made significant mistakes on their tax returns. Under certain circumstances, those taxpayers may be able to file original or amended tax returns voluntarily to correct those prior indiscretions.

If done properly, these types of voluntary disclosures will almost guarantee that a taxpayer will avoid the initiation of an IRS criminal investigation. However, penalties are likely to be imposed. It is imperative that qualified legal counsel be engaged to oversee and guide the process, and to work with the tax return preparer to ensure that the voluntary disclosure is properly made.