This is a Canada Revenue Agency Program designed to help people get their taxes paid up and get back in the system. Many tax payers aren't even aware that they don’t require a tax lawyer to file a voluntary disclosure if they haven’t been formally charged
New York, New York (PRWEB) February 20, 2013
Business review applauds Mark Feldstein & Associates with the immediate availability of the chartered accounting firm’s Voluntary Disclosure program to aid taxpayers requiring assistance in avoiding civil penalties and criminal prosecutions due to being behind on their income tax returns or leaving out income on previous filings. Persons using the program will pay the taxes owing and interest incurred, but penalties will be waived and no lawyer is required if individuals have not been formally charged. Taxpayers may file for anonymous disclosure under the ‘No Name Policy’ which protects the identities of those using the program. Deadline for most individuals to file is April 30, 2013 and self-employment income on June 15, 2013.
Four conditions are required to be met by individuals in order to qualify for the Voluntary Disclosure program.
- The disclosure must be voluntary
- The disclosure must be complete and accurate
- The disclosure needs to involve a penalty
- Disclosure must be information that is over one year old
If individuals are already being investigated by Canada Customs and Revenue Agency (CCRA), they do not qualify for the program. Those filing under the No Name policy will be able to proceed with disclosure free of prosecution for 90 days. This period allows for the individual to prepare and submit a complete disclosure without any CCRA interference or prosecution. “Tax season can be very stressful for taxpayers. It isn't uncommon for individuals to get behind on their payments or incorrectly file their taxes,” says, Mark Feldstein, Founder, “This is a Canada Revenue Agency Program designed to help people get their taxes paid up and get back in the system. Many tax payers aren't even aware that they don’t require a tax lawyer to file a voluntary disclosure if they haven’t been formally charged."
Tax payers can apply for the Voluntary Disclosure program through a Mark Feldstein & Associates certified accountant who will aid in the filing of the unreported, previous years’ taxes, however; individuals cannot apply under the Voluntary Disclosure program a second time unless there is an extraordinary circumstance beyond the individual’s control.
Mark Feldstein & Associates, Chartered Accountants, provide a wide range of professional services to businesses and individuals. To ensure clients receive the best advice in each area, Mark Feldstein & Associates hire only seasoned specialists who, in turn, devote a good portion of their time to upgrading their skills through in-depth professional development. Mark Feldstein has been practicing public accounting since 1982. He has experience in a wide variety of industries, including retail, manufacturing, importing and exporting, wholesale distribution, technology, restaurants, law firms, engineering firms, architecture firms, education, IT consultants, wealth preservation planning, forensic investigations, internet service providers and construction.