IRS Form 14457 Voluntary Disclosure Practice Preclearance Request and Application

What Is IRS Form 14457?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on March 1, 2019. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 14457?
A: IRS Form 14457 is the Voluntary Disclosure Practice Preclearance Request and Application form.

Q: What is the purpose of Form 14457?
A: The purpose of Form 14457 is to request preclearance from the IRS to participate in the Voluntary Disclosure Practice.

Q: What is the Voluntary Disclosure Practice?
A: The Voluntary Disclosure Practice is a program offered by the IRS that allows taxpayers to come forward and disclose previously undisclosed offshore accounts or assets.

Q: Who should use Form 14457?
A: Taxpayers who wish to participate in the Voluntary Disclosure Practice should use Form 14457 to request preclearance from the IRS.

Q: Is the use of Form 14457 mandatory for voluntary disclosure?
A: Yes, taxpayers must submit Form 14457 to the IRS in order to request preclearance for participation in the Voluntary Disclosure Practice.

Q: Are there any fees associated with submitting Form 14457?
A: No, there are no fees associated with submitting Form 14457.

Q: Is legal representation required for participation in the Voluntary Disclosure Practice?
A: While legal representation is not required, it is highly recommended to seek the assistance of a tax professional or attorney familiar with the program.

Q: What happens after submitting Form 14457?
A: After submitting Form 14457, the IRS will review the request for preclearance and provide a response to the taxpayer.

Q: Can the IRS reject a preclearance request?
A: Yes, the IRS has the discretion to reject a preclearance request based on various factors.