If an individual has been deemed a “noncompliant” taxpayer and has possible criminal exposure, it’s important to address the issue quickly. One option is to submit Form 14457, Voluntary Disclosure Practice Preclearance Request and Application. Following a review of tax practitioner feedback, the IRS recently updated the form to facilitate submission. It now includes an expanded section to report virtual currency and details penalties for employment tax and estate and gift issues. There are options if an individual can’t pay in full. The IRS urges taxpayers to work with advisors to address their situations head-on, before facing IRS enforcement action. Learn more: https://bit.ly/3rXBHHl Call or visit our website for more information! www.mjscpa.com/
