IRS Publishes Federal Tax Resources for Cannabis Businesses
Articles/NewsPosted on September 30, 2020
Posted on September 30, 2020
Posted on September 23, 2020
The Internal Revenue Service’s (IRS) Voluntary Disclosure Practice affords U.S. taxpayers the opportunity to avoid substantial liability in the event that they have failed to timely disclose their offshore accounts—as required by federal law. The Voluntary Disclosure Practice is not available to all taxpayers in all circumstances, and it does not afford the ability to completely avoid liability in most cases, but it can help taxpayers avoid tens of thousands, hundreds of thousands or even millions of dollars in IRS penalties in many circumstances.
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