Amnesty payment latest news

Amnesty payment refers to the payment of a one-time fee to the Internal Revenue Service (IRS) by individuals who have failed to file tax returns or have underreported their income. Here are the latest news and updates on amnesty payment:

Recent Developments:

  1. Fresh Start Initiative: The IRS has launched the Fresh Start Initiative, which provides taxpayers with a second chance to come forward and pay their taxes without facing criminal prosecution. The initiative offers a reduced penalty structure and a streamlined payment process.
  2. Streamlined Filing Compliance Procedures: The IRS has introduced the Streamlined Filing Compliance Procedures, which allow eligible taxpayers to file amended tax returns and pay any owed taxes without facing penalties or interest.
  3. Offshore Voluntary Disclosure Program (OVDP): The OVDP is a program that allows taxpayers with unreported foreign financial assets to come forward and pay taxes, penalties, and interest. The program is designed to help taxpayers who have failed to report their foreign income and assets.
  4. Delinquent FBAR Submission Procedures: The IRS has introduced procedures for taxpayers who have failed to file the Foreign Bank Account Report (FBAR) to come forward and file the report without facing penalties.

Latest News:

  1. IRS Warns of Scams: The IRS has warned taxpayers to be cautious of scams and phishing schemes related to amnesty payments. Taxpayers should only communicate with the IRS through authorized channels and never provide personal or financial information to unknown individuals.
  2. Amnesty Payment Deadlines: The IRS has extended the deadline for taxpayers to take advantage of the Fresh Start Initiative and the Streamlined Filing Compliance Procedures. Taxpayers have until April 15, 2023, to file their amended tax returns and pay any owed taxes.
  3. Penalty Relief: The IRS has announced that it will provide penalty relief to taxpayers who have failed to file tax returns or have underreported their income. The relief is available for taxpayers who come forward and pay their taxes before the deadline.

Resources:

  1. IRS Website: The IRS website provides detailed information on amnesty payments, including the Fresh Start Initiative, Streamlined Filing Compliance Procedures, and Offshore Voluntary Disclosure Program.
  2. IRS Phone Number: Taxpayers can contact the IRS at 1-800-829-1040 for assistance with amnesty payments and other tax-related issues.
  3. Tax Professionals: Taxpayers can consult with a tax professional or enrolled agent for guidance on amnesty payments and other tax-related matters.

Remember to always verify the authenticity of any information or communication from the IRS or other government agencies.