I want to make a Voluntary Disclosure, but I don’t have the money to pay what I may owe

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One of the conditions of the new Offshore Voluntary Disclosure Initiative is the requirement that all income tax liabilities including taxes, interest on the income tax, and penalties be paid, along with an FBAR penalty with the submission of the supporting documents. The question is what if you cannot now make the payment in full or at all.

The IRS has published guidelines in the form of Frequently Asked Questions to anticipate some of the issues that may come up. FAQ 20 and its answer state the requirement for payment and FAQ 25 and its answer describe how a payment agreement will be approached.

Please see full article below for more information.

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Published In: Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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