New Deadline For Disclosing Offshore Accounts

Earlier this morning the Internal Revenue Service announced that it is allowing a one-time extension of the deadline for special voluntary disclosures by those with unreported income from offshore accounts. Those taxpayers now have until Oct. 15, 2009.

PURPOSE OF EXTENSION:

By providing a short extention of the deadline, the IRS is providing relief for those taxpayers who had intended to come forward before the deadline, but faced various challenges in meeting it.

The extension will allow tax preparers and attorneys the necessary time to interview and advise their backlog of taxpayers with these undisclosed offshore accounts, and prepare the necessary paperwork to qualify for the special penalty provisions.

Remember, your tax preparer may also be extremely busy completing individual income tax returns (Forms 1040) for 2008 for those clients on extension. Speak with your advisor sooner than later in order to avoid missing the deadline.

IRS officials decided to extend this deadline after receiving repeated requests from tax practitioners and attorneys around the country following an influx of taxpayer requests.

LAST CHANCE! There will be no further extensions.