The federal tax system is a voluntary system that relies on taxpayers to file complete and accurate tax returns. However, the Internal Revenue Service released a study on Jan. 6, reporting that individuals and businesses underpay their taxes by an estimated 17 percent each year, resulting in almost $450 billion of lost tax revenues annually.
Taxpayers who intentionally file inaccurate or incomplete tax returns risk exposure to significant criminal penalties. However, taxpayers can take steps to remedy the issue. Counsel can advise clients with a guilty conscience or second thoughts to participate in the IRS’ voluntary disclosure program. The program allows taxpayers to reduce the chance of a criminal investigation or prosecution by voluntarily confessing their sins to the IRS and filing amended tax returns.
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