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Quiet Disclosure

Quiet Disclosure

According to FAQ No.15 a "quiet disclosure" is the filing of amended returns, the filing of delinquent FBARs and paying any related tax and interest for previously unreported income from OVDP assets without otherwise notifying the IRS.

Are quiet disclosures still viable?

  • The IRS is aware that some taxpayers have made "quiet disclosures" without otherwise notifying the IRS
  • Taxpayers who have already made "quiet disclosures" are encouraged to participate in the OVDP by submitting an application, along with copies of their previously filed returns (original and amended), and all other required documents and information (see FAQ 25) to the IRS's Voluntary Disclosure Coordinator (see FAQ 24)
  • Taxpayers are encouraged to avail themselves of the protection from criminal prosecution and the favorable penalty structure offered under the OVDP.
  • Unlike a voluntary disclosure through the OVDP, quiet disclosures provide no protection from criminal prosecution and may lead to civil examination and the imposition of all applicable penalties.

You can file amended returns without making a voluntary disclosure; however filing amended return is not a voluntary disclosure and you will not have any certainty or closure on this matter until either the statute of limitations has passed, if applicable or until you are selected for audit and/or criminal prosecution and if you are selected for audit you could owe 324.5% of the Highest Amount for failure to file your bar report timely for any applicable years from 2004 – 2012. (According to example FAQ #8).

The IRS is reviewing amended returns and could select any amended return for examination. The IRS has identified, and will continue to identify, amended tax returns reporting increases in income. The IRS will closely review these returns to determine whether enforcement action is appropriate. If a return is selected for examination, the 27.5 percent offshore penalty would not be available. When criminal behavior is evident and the disclosure does not meet the requirements of a voluntary disclosure under IRM 9.5.11.9, the IRS may recommend criminal prosecution to the Department of Justice

This course of action does not provide the advantages of certainty and minimizing exposure, as provided in the above-mentioned alternatives.

 
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