What Is Voluntary Disclosure | Forms 8938/3520/5471

Описание: A voluntary disclosure occurs when a taxpayer provides information that is truthful, timely, and complete. In the event of a disclosure, a taxpayer must cooperate with the IRS to determine your correct tax liability and make arrangements to pay the IRS in full. Our video will discuss the types of underreporting that can happen along with potential strategies to use to tackle your problem!

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Chapters:
0:00 – Intro
0:29 – Types of Underreporting
2:41 – Criminal vs Civil cases
4:12 – Potential Strategies
5:00 – Streamlined Procedures
6:00 – IRS’s Reaction to these Programs
7:00 – Delinquent Submission Procedures
7:18 – Delinquent FBAR Submission Procedures
10:15 – Quiet Disclosures
11:55 – Examples
15:20 - Outro

Resources:
Form 114 - https://bsaefiling.fincen.treas.gov/N...
Form 8938 - https://www.irs.gov/forms-pubs/about-...
Form 3520 - https://www.irs.gov/forms-pubs/about-...
Form 5471 - https://www.irs.gov/forms-pubs/about-...
Voluntary Disclosure - https://www.irs.gov/compliance/crimin...
Streamlined Filing Compliance Procedures - https://www.irs.gov/individuals/inter...
Delinquent FBAR Submission Procedures - https://www.irs.gov/individuals/inter...
Delinquent International Information Return Submission Procedures - https://www.irs.gov/individuals/inter...

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DISCLAIMER: This video is not legal or tax advice. Talk with a professional about your situation before making any legal or financial decisions.

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