Illinois Voluntary Compliance Program Historical Information

From October 15, 2004, through January 31, 2005, Illinois conducted a tax shelter Voluntary Compliance Program (VCP) to give taxpayers an opportunity to file and pay any tax liability resulting from underreporting their taxable income by participating in a tax avoidance transaction for any taxable year beginning before January 1, 2004. The program allowed participants to avoid incurring stringent penalties related to abusive tax shelters that were enacted with Public Act 93-840. To participate, taxpayers were required to file amended returns to include income earned from participating in a tax shelter (or file original returns if no returns were filed), complete a Voluntary Compliance Participation Agreement form with an irrevocable election, and pay the total amount of additional tax and related interest.

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