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February 22, 2010 - Phil Hodgen

Half measures avail you nothing in Voluntary Disclosure

If you’re cleaning up your tax messes with a voluntary disclosure process (oh, hypothetically, offshore accounts that were unreported) it is important to do it right. As the saying goes “Half-measures availed us nothing.” Put it all on the table and clean it up entirely.

Jack Townsend has a post today summarizing United States v Salisbury. This is a cautionary tale about a gent who thought he could come clean and continue to lie.

Oh, I know. “Lie” is such a strong word. “Take an aggressive tax reporting position” sounds much nicer, doesn’t it?

Memo to all personnel: when you’re trying to avoid prison and/or life-altering fines, be smart. Don’t poke the bear with a pointed stick (YouTube) when the bear has your head in his mouth. Remember your primary purpose, and calibrate your actions to achieve it. (Hint for Mr. Salisbury and others like him: your primary purpose is to Stay. Out. Of. Prison. FFS.)

US Real Estate Investments Voluntary Disclosure