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Form 872 online Bakersfield California: What You Should Know

What is the IRS Offshore Voluntary Disclosure Initiative? When individuals come forward to disclose their offshore financial accounts or assets, the IRS uses this information to ensure that taxpayers are filing the right tax returns and paying taxes. By providing these individuals with the opportunity to disclose the information, the IRS is helping to keep the American tax system fair and stable. What Are the Rules for the IRS' 2023 Offshore Voluntary Disclosure Initiative? Those persons who submit documentation to the IRS from the Foreign Financial Institutions Division and the Financial Crimes Enforcement Network regarding their foreign financial accounts or assets, or who participate in a third-party verification exercise on these matters or other information they believe may be subject to examination or possible enforcement action by a relevant U.S. governmental authority, may submit to the IRS, through an application called the Offshore Voluntary Disclosure Initiative Program, an initial registration. As part of this application process, the prospective disclosure recipient may be required to submit to the IRS: a tax filing requirement, including U.S. federal income tax, social security tax, Medicare tax, foreign withholding tax, or other financial account reporting requirements; information on the U.S. person or other U.S. persons associated with the offshore financial accounts and/or assets; information showing the overseas financial relationship and if any income, gain, loss, or transfer is or may be attributable to that offshore relationship; and an attestation that all information provided was true, complete, and appropriate. The IRS may then review and consider the information from the prospective disclosure recipient and verify its accuracy. At any time, the IRS or the IRS agent may request additional information from the prospective disclosure recipient, including information relating to the offshore financial relationships or any other tax or law violations. If the IRS determines that additional information is required or if it determines that the disclosure could be inconsistent with the requirements of this section, it will communicate this to the IRS agent(s) at that address. The IRS also may request the U.S. person provide any other information that the IRS may require. If it determines that the tax returns or financial information submitted are fraudulent, the IRS may seek to recover such amounts not subject to the voluntary disclosure requirements. The IRS Offshore Voluntary Disclosure Initiative Program does not include a fee. Offshore Voluntary Disclosure of Accounts or Assets to the IRS for the purposes of determining Tax Compliance are subject to the following limits as of January 1, 2012. Individual returns and financial information need not be filed for the purpose of determining Tax Compliance.

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