Voluntary Disclosure in Salt Lake City, UT
Metro Area: Salt Lake City, UT MSA
Voluntary Disclosures Program
The Voluntary Disclosures Program (VDP) is a program that will allow you, as a taxpayer, to come forward and disclose any undisclosed income. It is an opportunity to correct incomplete or incorrect information provided in the previous tax filings. When a taxpayer discloses voluntarily, he's not charged with any penalty of prosecution. So, the taxpayers in Salt Lake City, or anywhere in the USA, who have undisclosed income or deposits, can use this program to avoid possible penalties in the future when the IRS finds out about the undisclosed money.
How to make a disclosure
To make a voluntary disclosure, you have to complete the Taxpayer Agreement – Voluntary Disclosures Program. Attach the form to your disclosure submission and any supporting documentation.
You or your authorized representative can submit the form. Here, seeking the help of an expert tax representative is beneficial for you.
A voluntary disclosure submission is done in writing. You can mail it or fax it to the tax services office (TSO) of your area where you reside.
Conditions for a disclosure
A valid voluntary disclosure must fulfill 4 conditions. These conditions require that
- The disclosure is voluntary
- It’s complete
- It involve the application or potential application of a penalty
- It includes information that is more than one year overdue
When the IRS accepts the disclosure, the taxpayer should pay the taxes or charges he/she owes along with the interest.
The taxpayer will not face any penalty or prosecution for those amounts accepted as a valid disclosure. The voluntary disclosure process is complex and you will do better with help from tax experts. It is advised that taxpayers hire professional tax resolution specialist or IRS licensed enrolled agents to help them with the disclosure process as they are experienced and skilled in resolving disputes with the IRS.
Right of redress
If you, as a taxpayer, disagree with a VDP decision, you can request for a second review of your file. For that, you'll have to contact the Director of the TSO which issued the original decision. It is also possible to use judicial review process for further recourse.
Even though, the deadline for voluntary disclosure program has passed, taxpayers can still file their voluntary disclosure according to IRS regulations.
Hiring an expert tax representative is important in this process so that you follow the complex procedure exactly as needed and do not create any problem with the IRS.
Get expert tax help today by calling Mike Habib, EA at 1-877-788-2937
Tax problem resolution services, IRS tax help and tax relief services in Salt Lake City, Ogden, Summit, Tooele, Davis, Morgan, Weber, UT and other cities in the state of Utah
Mike has given us peace of mind! He helped negotiate down a large balance and get us on a payment plan that we can afford with no worries! The stress of dealing with the IRS is huge and Mike helped us through it all. The peace of mind is invaluable, thank you Mike!
Mike Habib - Thank you for being so professional and honest and taking care of my brothers IRS situation. We are so relieved it is over and the offer in compromise process went just as you said. Mike is very professional and will give you honest answers to the OIC process and you can really trust him. You won't be sorry you chose him!
Mike is a true professional. He really came thru for me and my business. Dealing with the IRS is very scary. I'm a small business person who works hard and Mike helped me see that they are not that scary after all. He was always there with the answers I needed and was very good about calling me back which I appreciated since your first reaction is to freak out and ask a million questions. He solved a messy case and worked very hard to resolve it. His rates are VERY reasonable for the amount of work he does! I give him my highest recommendation!
Mike was incredibly responsive to my IRS issues. Once I decided to go with him (after interviewing numerous other tax professionals), he got on the phone with the IRS immediately (as in the same day I signed with him) to squash an impending issue. And he worked directly with them to quickly come to a resolution I am very happy with. I'd highly recommend reaching out to Mike to see if he can help you with any IRS issues. I'm very satisfied!
I’ve seen and heard plenty of commercials on TV and radio for businesses offering tax help. I did my research on many of them only to discover numerous complaints and unresolved tax issues. I found Mike Habib through my own online search and contacted him. He was very professional with great communication, always answering my questions and concerns. Mike resolved my complicated tax problem just as he said he would. I would definitely recommend his services to family and friends.