If you are out of compliance with you or your business’ tax obligations, a State Amnesty Program or Voluntary Disclosure may allow you the opportunity to disclose unreported income or assets without being penalized. These programs vary from one State to the next, so it is important to understand exactly what the process is for your State. Working with an experienced tax debt solutions provider can help you to navigate these processes to the most desirable resolution.
Many States offer Amnesty Programs designed to create clearer pathways for taxpayers to get themselves into compliance. These Amnesty Programs will usually offer taxpayers relief from penalties and/or interest, and on some occasions, they may even forgive a portion of the debt deemed due. The expectation is that in return for these relief benefits, the taxpayer must disclose previous tax liabilities. This is typically bound by the State's statute of limitations and is usually a period of 3 to 4 years.
Voluntary Disclosure Programs are another option that is similar to an Amnesty Program in terms of the protections it can offer. The primary purpose of voluntary disclosure is to report previously undisclosed income, accounts, and assets, including those held offshore.
If you are considering an Amnesty or Voluntary Disclosure, it is important to discuss this with an experienced professional. By doing so, they can help you take the proper steps for your unique situation and find the best overall solution to meet your needs. Golden Lion Tax Solutions representatives have over 24 years in the tax resolution industry and can work with you to navigate the process smoothly.
Disclaimer: There are requirements that must be satisfied in order to qualify for some of the tax solutions we discuss on our website. Not all of our services will be suitable for every client. Golden Lion Tax Solutions is here to help you find the most appropriate resolution strategy to fit your situation.
