Application for Voluntary Disclosure - Arkansas

Application for Voluntary Disclosure is a legal document that was released by the Arkansas Department of Finance & Administration - a government authority operating within Arkansas.

FAQ

Q: What is an application for voluntary disclosure?
A: An application for voluntary disclosure is a process by which taxpayers can come forward and voluntarily report any outstanding tax liabilities to the state of Arkansas.

Q: Who can apply for a voluntary disclosure?
A: Any taxpayer who has not previously filed a tax return or has underreported their tax liabilities can apply for voluntary disclosure.

Q: What are the benefits of voluntary disclosure?
A: The benefits of voluntary disclosure include potential reduction or elimination of penalties, and in some cases, the taxpayer may be eligible for a limited look-back period for tax assessment.

Q: How can I apply for voluntary disclosure in Arkansas?
A: To apply for voluntary disclosure in Arkansas, you must complete and submit an Application for Voluntary Disclosure form to the Arkansas Department of Finance and Administration.

Q: What information do I need to include in the application?
A: The application should include your name, contact information, tax type, and a detailed explanation of the undisclosed liabilities.

Q: Is there a deadline for applying for voluntary disclosure?
A: There is no specific deadline for applying for voluntary disclosure in Arkansas, but it is recommended to come forward as soon as possible to avoid potential penalties and interest.

Q: Are there any risks associated with voluntary disclosure?
A: There are some risks associated with voluntary disclosure, such as the possibility of criminal prosecution if the taxpayer has intentionally committed tax fraud or evasion.

Q: Can I consult with a tax professional for assistance with the application?
A: Yes, it is advisable to consult with a tax professional or a tax attorney who can guide you through the voluntary disclosure process and help ensure that all necessary information is included in the application.