Deadline for Disclosing Hidden Offshore Accounts Extended
The Internal Revenue Service has announced a final one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts. These taxpayers now have until October 15, 2009.
Under special provisions issued in March, taxpayers with these hidden accounts originally had until September 23, 2009 to come forward. Those taxpayers who do not voluntarily disclose their hidden accounts by the new deadline face much harsher civil penalties, where applicable, and possible criminal prosecution.
IRS officials decided to extend this deadline to allow tax practitioners and attorneys additional time to assist taxpayers with these hidden accounts, and prepare the necessary paperwork to qualify for the special penalty provisions.
For additional information please give this office a call.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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