Get the free Voluntary Disclosure and Compliance Program - NY.gov

Print whole sectionVoluntary disclosures in the approved form Inform us of mistakes or if you left something out of a lodgment by making a voluntary disclosure in an approved form. Last updated 22

How to fill out voluntary disclosure and compliance

How to fill out voluntary disclosure and compliance

1. Gather all relevant financial records and documents.
2. Identify the compliance requirements specific to your situation.
3. Complete the voluntary disclosure form with accurate information.
4. Provide additional documentation to support your disclosure.
5. Review the completed form for any errors or omissions.
6. Submit the form and required documents to the appropriate authority.
7. Maintain a copy of the submission for your records.

Who needs voluntary disclosure and compliance?

1. Individuals or businesses who have unreported income.
2. Taxpayers wishing to correct previous tax returns.
3. Those who want to resolve compliance issues without penalties.
4. Entities that have engaged in activities requiring disclosure to regulatory bodies.

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What is voluntary disclosure and compliance?

Voluntary disclosure and compliance refer to the process by which taxpayers proactively report their tax liabilities and any previously unreported income to tax authorities, often in exchange for reduced penalties or no penalties for past non-compliance.

Who is required to file voluntary disclosure and compliance?

Individuals or entities that have failed to report income, underreported taxes, or have non-compliance issues are encouraged to file voluntary disclosure. This may include businesses, self-employed individuals, or anyone with unfiled tax returns.

How to fill out voluntary disclosure and compliance?

Filing voluntary disclosure typically involves completing the relevant forms provided by the tax authority, providing detailed information about past non-compliance, disclosing all unreported income, and attaching any necessary documentation to support the claims.

What is the purpose of voluntary disclosure and compliance?

The purpose of voluntary disclosure and compliance is to encourage taxpayers to come forward and rectify past tax issues, promote transparency in tax reporting, minimize penalties, and bring individuals or entities back into compliance with tax laws.

What information must be reported on voluntary disclosure and compliance?

Taxpayers must report all unreported income, any applicable deductions, previous tax returns if they are being amended, and details of any penalties or interest before submitting the voluntary disclosure.