IRS Extends Deadline for Voluntary Disclosures of Offshore Accounts

September 28, 2009 at 1:02 pm

On September 21, 2009, the Internal Revenue Service (“IRS”) announced that the deadline for taxpayers to voluntarily disclose unreported income from offshore accounts has been extended from this Wednesday, September 23, 2009, to October 15, 2009. The IRS cautioned, however, that this is a one-time extension and “there will be no further extensions.”

In general, the voluntary disclosure program for offshore accounts, which was announced by the IRS on March 26, 2009, enables a U.S. taxpayer to become compliant with reporting obligations, avoid harsher civil penalties, and may eliminate the risk of criminal prosecution.

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Entry filed under: Taxation.

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