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Form 14457 (Rev. 11-2017). Form 14457. (November 2017). Department of the Treasury Internal Revenue Service. Offshore Voluntary Disclosure Letter.

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How to fill out the Form 14457 online

Form 14457 is an essential document for taxpayers wishing to enter the Offshore Voluntary Disclosure Program. This guide provides clear, step-by-step instructions to help users complete the form accurately and efficiently online.

Follow the steps to fill out Form 14457 seamlessly

  1. Press the ‘Get Form’ button to access the form and open it in your online editor.
  2. Begin by entering the date in the designated field.
  3. Provide the full name of the taxpayer in section 1a. Ensure the spelling is accurate.
  4. Input the taxpayer identification number in section 1b.
  5. Fill in the date of birth for both the taxpayer and spouse in section 1c.
  6. Complete the address fields in section 1d and make sure they are current.
  7. Enter the telephone number(s) in section 1e, including both taxpayer and spouse numbers.
  8. In section 1f, list the passport number(s) associated with the taxpayer.
  9. Indicate the country or countries related to the taxpayer in section 1g.
  10. State the current occupation of both taxpayer and spouse in section 1h.
  11. Provide the bank name(s) in section 1i for all relevant accounts.
  12. Fill in the name on the bank account(s) in section 1j.
  13. List the bank account number(s) in section 1k for each individual.
  14. Move to section 2 to specify the taxpayer representative details including their phone number and address.
  15. In section 3, select the type of voluntary disclosure being submitted.
  16. Indicate how you learned about the Offshore Voluntary Disclosure Program in section 4.
  17. Identify the source of funds in section 5 and provide any necessary explanations.
  18. Answer the eligibility questions in sections 6 and 7 regarding offshore accounts.
  19. Disclose any audits or investigations in section 8.
  20. Address the questions about IRS knowledge of tax liabilities in section 9.
  21. Complete section 10 by addressing your residency or filing status.
  22. Estimate the highest aggregate value of offshore accounts in section 11.
  23. Estimate the total potential unreported income in section 12.
  24. Ensure you complete the attached Form 14454 for any foreign financial accounts.
  25. Finally, review the form, sign it in the required areas, and ensure your signature is original.
  26. Save any changes made to the form, then download, print, or share the document as needed.

Start filling out your Form 14457 online today for a seamless submission experience!

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The Voluntary Disclosure Practice is a compliance option if you have committed tax or tax-related crimes and have criminal exposure due to your willful violation of the law. Taxpayers who participate in the Voluntary Disclosure Practice intend to seek protection from potential criminal prosecution.

Generally speaking, a VDP allows taxpayers to correct their tax affairs and in return for coming forward voluntarily, the tax administration offers certain incentives such as the avoidance of criminal prosecution and reduced rates of penalty and interest.

Voluntary disclosure is the process in which a delinquent taxpayer voluntarily discloses income information or other relevant tax information that was not previously reported.

Companies might increase their voluntary disclosure in order to raise capital more cheaply on the markets. This will increase transparency and reduce information asymmetries between the company management and market participants.

The IRS voluntary disclosure program provides a way for taxpayers with previously undisclosed income to contact the IRS and resolve their tax matters. This program does not apply to taxpayers whose income is derived from illegal activities. The voluntary disclosure practice is a longstanding practice of IRS.

Offshore Penalties Under the updated IRS Voluntary Disclosure procedures the taxpayer does not have a set penalty. Rather, the IRS agent will follow the rules of the IRM (Internal Revenue Manual). Under the IRM, a person is (generally) subject to a 50% penalty on the highest year's unreported balance.

The IRS Voluntary Disclosure Program is a Federal Government program that provides Taxpayers an opportunity to disclose previously unreported offshore income, assets, investments, and accounts to the Internal Revenue Service — and resolve their foreign and US tax matters.

Types and examples Voluntary disclosures can include strategic information such as company characteristics and strategy, nonfinancial information such socially responsible practices, and financial information such as stock price information.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232