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AuditHotSpots V O L U M E 5, I S S U E 2 CodeofGovernmentalEthicsTraining INSIDERS ISSUE: CodeofGovern mentalEthicsTrain ingQuestionsabout Ethics? M A Y 2 0 1 2 Didyouknow? Iwouldliketotakeamomenttothankeveryonewhoattendedtheonsiteethics
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What is VOLU?
VOLU stands for Voluntary Offshore Disclosure Program, it is a program offered by the IRS for taxpayers to disclose offshore accounts and assets.
Who is required to file VOLU?
Taxpayers who have undisclosed offshore accounts and assets are required to file VOLU.
How to fill out VOLU?
To fill out VOLU, taxpayers need to submit specific forms and documents to the IRS as part of their voluntary disclosure.
What is the purpose of VOLU?
The purpose of VOLU is to allow taxpayers to come into compliance with offshore account reporting requirements and potentially avoid criminal prosecution.
What information must be reported on VOLU?
Taxpayers must report information about their offshore accounts, assets, income, and related transactions on VOLU.
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