Aug 23, 2011 Amnesty Deadline Nears
On August 31, the IRS Offshore Voluntary Disclosure Initiative is closing. The Initiative allows U.S. taxpayers with unreported income relating to undisclosed foreign bank or financial accounts to make a voluntary disclosure to get current with their taxes and information filing obligations for the past 8 years. When the program closes later this month, U.S. taxpayers can continue to make voluntary disclosures, but a disclosure made after the deadline will not be eligible for the simplified penalty structure set forth in the Initiative. A U.S. taxpayer desiring to participate in the Initiative should act quickly to gain preliminary acceptance prior to the August 31 deadline, a process that could take between 2 and 3 weeks.\Disclaimer: This blog and website are public sources of general information concerning our firm and its lawyers, as well as the information presented. They are intended, but not promised or guaranteed, to be correct, complete, and up-to-date as of the date posted. This blog and website are not intended to be, and are not, sources of legal opinion or advice. The materials, information, and communications on this blog and website do not apply to any particular person, entity, or situation, and do not apply to you or to your specific situation. You will need to consult with an attorney and/or other appropriate professional about your specific situation. Thank you.