Even if the taxpayer has missed the October 15, 2009, deadline, IRS voluntary disclosure program may still be available to those with delinquent FBAR, unreported income or undisclosed foreign bank accounts. However, taxpayers need to proceed with caution if they are considering filing their voluntary disclosure post October 15, 2009. We recommend that you seek a competent FBAR- IRS Voluntary Disclosure Attorneys to navigate through these proceedings. A thorough risk analysis with your tax attorney must be performed before implementing any FBAR Voluntary Disclosure after 10/15/09.
Voluntary disclosure allows IRS taxpayers to resolve their tax debt or compliance issues with the IRS and reduce the probability of IRS criminal prosecution. Foreign Bank Account Report or FBAR which many US taxpayers have failed to file falls in the ambit of the Voluntary Disclosure program. Whether the foreign bank account is located at UBS or any other banks, the failure to file FBAR may result in criminal prosecution by the IRS.
Internal Revenue Service IRS Voluntary Disclosure is a program implemented by IRS Criminal Investigation Division which involves taking timely, accurate, and complete voluntary disclosures by IRS taxpayer in deciding whether to recommend to the Department of Justice that a taxpayer be criminally prosecuted.