Thursday, October 1, 2009

IRS Extends Deadline For Special Voluntary Disclosures Of Unreported Offshore Account Income

On September 21st, the IRS announced that is was extending the deadline from September 23rd to October 15th for holders of offshore bank account income to voluntarily come forward. Those who come forward will face laxer tax penalties and avoid criminal prosecution. The IRS is hoping to not only recoup revenue that they would have otherwise would never have had received, but also plan on using the information gathered from the volunteers to help develop strategies to inhibit promoters and facilitators of foreign bank accounts from soliciting new clients. A very good Q & A from the IRS can be read here.

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