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T N o r TH C an r o Lin a V o l u m e LAX, N u m b e r 8 S ta the U n i v e r s i t y s S t u d e n t N e w s p a p e r S i n c e F r i d a y, S e p t e m b e r 1 6, 1 9 8 8 1 9 2 0 R a LE IG h, N
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V O L U stands for Voluntary Offshore Disclosure Program.
Taxpayers with undisclosed foreign financial assets or income may be required to file V O L U.
V O L U can be filled out by submitting the required forms and information to the appropriate tax authority.
The purpose of V O L U is to allow taxpayers to come forward voluntarily and disclose their offshore assets to avoid potential penalties.
Taxpayers must report information about their foreign financial assets, income, and related transactions.
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