voluntary disclosure program
Definitions (2)
1. A program extended to eligible tax entities that waives penalties on unpaid tax liabilities or unfulfilled filing requirements in exchange for their voluntary disclosure and the payment of interest of past due amounts.
2. A program extended to tax entities to prevent federal criminal prosecution for tax avoidance using offshore strategies. The program requires the payment of past due taxes and interest plus a 20 percent penalty on the highest asset value of foreign accounts held during the tax years at issue.
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